You don’t have to pay credit card processing fees anymore.
The businesses that don’t pay processing fees have an unfair advantage over businesses that do.
The businesses that are paying the fees have no advantage at all.
They are always at a competitive disadvantage!
Why? Simply because they have to pay the fees!
That cost is then passed on to the consumer in the form of higher prices, and it limits their ability to grow.
Let’s face it:
Most business owners don’t have the time or the money to pursue growth without compromising on quality!
But that doesn’t mean you have to be left behind!
Now you have the choice to pass the fee in a simple surcharge onto your customer who will pay for the convenience of using a credit card.
The customer can be made aware that the added expense of accepting card payment is not included in your service offering and if they would like to avoid paying the fee to simply provide you with another form of payment that does not incur such costs to your business
However, there is a problem with this “convenience” idea. What happens when your customer finds out how much extra he has to pay for credit compared to the alternative payment method you are suggesting? If he doesn’t complain, then you have a non-issue. But, what if he does complain? What if he says something like: “Hey! I didn’t know that accepting credit cards would make me pay an extra $5.00 fee. That’s not fair!
Many have feared that this strategy would mean that there would be a hurdle to accepting payment, but they found that when presented correctly, it is an effective way to eliminate a core expense.
The practice of surcharging is now common in many sectors of business and government and adaptation is increasing since it has become a widely accepted strategy. If the sale is in person then this is easily communicated at the point of sale by signage. If the sale is online then a simple configuration of your checkout page will handle the process. If you take orders by email or phone, soon after you receive their order you might send them a friendly email informing them of the extra charge for using a credit card. The email contains a link that takes them to a page where they can enter their credit card details and either pay the fee or provide you with another form of payment that does not impose such costs upon them.
This opportunity to put your hard-earned dollars back into your business is gaining traction across all industries and makes an immediate positive impact on bottom line profits.
As you have heard many times before, there is no such thing as a free lunch. And in this case, “free” means you may have to give up some of the comforts of the status quo and potentially have to converse with some of your clients about the new policy. However, if you can learn to live with that, the potential benefits to your business are enormous!