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February 9, 2019

How to Steer Clear of Additional Fees

Part of the constant concern with avoiding unnecessary fees with your credit card processing is that there are so many moving parts. Here’s an overview for what to look for to ensure that you don’t encounter excessive fees when shopping for credit card processing for your small business.

Aim for transparency

There are two types of fee structures out there in credit card processing: those that are meant to be transparent, and those that are meant to be opaque. Before signing on to anything, be sure to have a crystal-clear picture of all the POSSIBLE fees, not just the large print fees that are similar everywhere. Moolah was built to be a transparent fee structure, with simple rates, and no hidden charges.

Think Safety

Fraud is a constant concern to both credit card processors and small businesses that accept payments. Unfortunately, due to this constant concern, there’s a risk that your payment processor works in fees related to fraud protection. Things like PCI compliance fees can show up on statements, and can be easily overlooked because it’s something of an intangible. While it’s important for every company to stay compliant, and to take the safety of their customers’ information seriously, it definitely shouldn’t cost an arm and a leg to do so. Moolah’s payment gateway partner, Authorize.Net, takes PCI compliance seriously, while also making it accessible—and free! When you sign up with Moolah, you get all the access you need to resources and guidance to keep you compliant going forward, and you’ll never see charges on your statement because of it.

Don’t Go out of your way to get the right device.

When thinking of your point of sale, you have to ensure that, first and foremost, you get the right device for your business. There are a lot of options out there, and some are more expensive than others. A few general
truths to keep your prices down:

• It’s all but guaranteed that renting devices and going through payment plans will end up costing more over the life of the device. If you can afford to buy it, buy it.
• Using a tablet-based solution has gone out of vogue, probably for the reason that it requires you to buy two devices: the tablet, and the docking solution. With prices going down on tech, you can expect a dedicated POS to fit your needs, and not break the bank.
• Poynt is free! With Moolah, you’ll be all set on the POS department. We’ve partnered with Poynt to set you up with a sleek Smart Terminal, just for signing up with us. POS problem solved!

In addition to the above comments, keep in mind that when shopping around for the perfect credit card processing for your small business, do just that: shop around. Make sure that the fee structure makes sense for your volume of processing, and the volume you may experience in the future.