Tips To Help Your Business Save Money!

1. (Keyed-In Transactions) If your business keys-in transactions, you want to ensure that your terminal prompts for a zip code. Full AVS (address verification) is not needed, but Visa and MasterCard require at least the zip code.

2. (Pre-Authorization) Visa and MasterCard require that if you pre-authorize a credit card you settle the transaction within 1 day for retail businesses and 2 days for card not present businesses.

3. (Pre Authorization) When you Pre-authorize a credit card, the settled amount can be no more than 20% of the pre-authorized amount. Example; if you pre-authorize $1,000 the settled amount has to be no more than $1,200

4. (Batching Out  Your Terminal) Make sure you batch out or settle your terminal each day. Visa and MasterCard both require transactions to be settled or close within 1 day or they are subject to higher rates and fees.

5. (Manual Imprinters) It’s a great idea to make sure your business has one of these and to take a manual imprint when you have to key-in a transaction. If you ever have a charge-back, the first thing Visa or MasterCard will ask for is proof of the sale. You can save yourself a lot of time and hassle by doing this.

6. (Pin Pads) If you process high dollar transactions you may want to consider purchasing a pin pad. You pay no percentage rate for PIN based debit transactions, only a flat per item transaction fee regardless of dollar amount.

7. (Commercial & Business Cards) Visa and MasterCard have special programs designed for businesses processing commercial, business, purchasing and government cards that allow you to save up to 1% on every one of these transactions. You need to make sure your processor is a certified B2B/B2G processor or you will not be getting these special rates. For more information check out our B2B/B2G Processing Solutions Page

Ensuring your processor trains your employees and staff on requirements for particular cards or transactions are just as important as providing a low rate. Not doing any one the tips above can cost your company an additional 1-2% and more on your bottom line. At TailoredTransactions.com, we understand that training and service is just as important as setting up lower fees. We offer on-going training to all of our merchants and are there when you need us around the clock.

Tags: B2B credit card processing, B2B merchant accounts, credit card acceptance, Credit Card Processing, debit card processing, interchange rates, Merchant Account, merchant account costs, merchant account fees, Merchant Services, Merchant Services Provider, pin based debit, setup a merchant account

This entry was posted on April 28, 2010 at 2:53 pm. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Posted in Credit Card Processing Merchant Account Merchant Services Provider by tailoredtrans 1 Comment