You Need a Merchant Account on a Reliable Software Provider!
Did you know that there is more than one level of bank cards? For example, business and corporate bank cards have different level than any other cards. They are level 2 or level 3 cards. The level of the transactions made while using these cards is also different. If you didn’t know this, and you did not set up the level 2 or level 3 processing for the transactions, then you probably paid much more fees to the bank than needed. The highest fee pet transaction is called interchange, and it consists of about 80 to 90% of the total fees. But you do not need to worry. Why? Because you can use a merchant account through a payment processing partner to automate this process and make sure that you will always pay the smallest fees.
There are many payment processing companies on the internet from which you can choose. But you should invest some of your time and find the leader in the industry and use its services. This will ensure that you will be able to get the best benefits. There are two simple steps that you need to follow to find the best payment processing company for you.
• Make a list. The first step is to make a list. All you have to do is to search online for as many companies as possible. Make a list as long as possible because you want to be sure that you found the best alternative. Do not be afraid to have as many choices as possible, because most of them will be eliminated very fast after you start the second step. The more time you invest in making the list and the bigger it is, the higher your chances to find the best payment processing company for your business’s needs.
• Visit the sites. The second step is to visit the website of every company. You should visit them one by one and look for certain things. Firstly, you should look for the features and benefits offered by these companies. While checking them, you should group them into categories. After you are done, then you can eliminate that offer the least. Next, you need to make sure that the company is trustworthy. You can either check the reviews or directly contact the customers of the company and get first-hand information about the company.
What Are the Advantages That You Can Get from a Merchant Account?
You may wonder why you should go through so much trouble to find and get a good merchant account ? Well, you should do that for the massive benefits that you will get from using the services of a reliable payment processing company. Although you will have to invest some money. But the benefits will ensure that the cost will be more than worth it.
• Unique solutions. One of the advantages offered by a good payment processing company is the unique solutions that they offer. Unlike normal methods, that most businesses use, this newer industry has some new solutions that will help you a new series of problems. It is in your best interest to at least check them out and understand what problems you may encounter in the future. And you will always know that a solution is always waiting for you.
• Automations. The second advantage is the automation offered by your potential partners. Many processes that can be stressful and waste a lot of time can be automated. And these companies had done exactly that. So, you can save a large amount of time by using this type of software. A good example is the level 3 transactions. The manual process can be very long and stressful. While all the processes can be automated if you use top-notch software. And you will not have to repeat that again and again.
• Better alternatives. The best in the industry can even give you better alternative solutions than those offered by banks. For example, the funding of some of the best companies in the payment processing industry can be received in 12 hours. On the other hand, the standard solution requires 3 to 5 days to do the same thing. You can easily see which alternative is better and which one you should choose.
How Much Money Level 3 Processing Transactions Can Save for You?
If you are in the B2B field, or you sell your products and services to government agencies or associations, then your transactions are qualified for level 3 processing. Some of the best payment processing software on the market can process this type of payment and even automate them. The advantage of using this type of transaction through the software is a much smaller interchange fee. The difference can be enormous, up to 50%!
With the standard method, for a 10.000$ transaction, you will have to pay somewhere around 2,95%, around 295$. But if you are going to use the best software, then you will have to pay only a 1.9% interchange fee. That is more than 1% less than through standard means. For new businesses, this may seem a small amount, but for the big companies, this amount can reach extraordinary levels. If your business’s transactions reach $1 million, then you will be able to save 10.000$. Reinvesting this amount of money in your business will increase your profits even more in the long term.
This 1% can have a compounding effect, and it can bring your business millions or even tens of millions of dollars in ten or twenty years. It is in your best interest to make use of this opportunity to reduce the costs of your business. And you can also maximize your profits. With so many different advantages that will only help you, what reason could you have to not go and search for the best payment processing company for your business? No reasons! And that is exactly what you should do right now!
