In the B2B and retail space, finding a payment method for accepting credit cards and ACH payments requires various considerations to ensure your business is selecting a method that will provide value, not be a surplus expense. This is especially critical now as the economy and business space dramatically shift because of the COVID-19 situation.
So, why is it important for your business to find the lowest cost and highest efficient technology for processing your payments, especially in this time of economic transition?
The COVID-19 crisis is quickly increasing uncertainty in the marketplace, particularly the transition of entire companies working remotely, which in return creates additional challenges for processing your transactions. If you are needing to process from a home office, need a virtual terminal for online processing, or would benefit from a “Pay Now” button on your website, finding the right partner to assist can make a tremendous impact on your company’s ability to upkeep efficient processing and access to payments.
In addition, having an effective merchant processing partner can help you catch unnecessary fees or run your processing to save costs. Merchant processing services can vary in methods, speed, and costs, but that does not mean the three are interchangeable when it comes to the value they add. Whether your company operates completely online or as brick and mortar, there are many ways to optimize your payment processing.
Here are some ways to get the most out of your credit card merchant processing services:
- Despite high merchant processing fees, there are ways to mitigate the extra charges that slip through and end up costing your business money.
- There are credit card processing fees for merchants that cannot be avoided, but the more you understand about the service you are receiving, the more likely you are to capture gains from them.
- Using your processing system as a tracklog for business activities will help streamline your customer relationship data.
- Achieving and remaining PCI compliant is critical to the security of your business, and working with a processor that can assist in passing your scans can make or break your approvals.
- Working with a partner that is willing to provide a 30/60/90 day pricing reviews to guarantee their effective rates expresses their readiness to build transparent and trusted communication.
There are many methods for your merchant processing system to save your company time and money. At Evolve Payment, we take additional steps to identify cost-saving opportunities. We work directly with clients to find creative actions to reduce everyday business costs, including lowering the net effective cost of merchant processing and gateway expenses. In addition, Evolve Payments can conduct an analysis of a company’s current processing method to determine potential cost reduction options, for example, identifying Level 2 and Level 3 opportunities. We deliver efficiency and security that relieves other business operations, such as reducing administration tasks and centralizing processes through ERP and accounting system integration.
By working with our clients to analyze their current processing statements, identifying essential improvements or inefficiencies, and making recommendations on the platform, Evolve Payment strives to improve our clients’ overall business. In fact, our analysis uncovers an average of 20-40% in savings your company could be receiving.
For more information or to discuss how your merchant processing can save your business money, please get in contact with the Evolve Payment team!