The payment space is perplexing to say the least. Which is why it’s important as new comers to understand the basics of payments so you won’t be hassled out of imperative cost savings. Here’s our sound advice for merchants, freelancers, and business owners seeking to take charge of the way they collect payments.
It’s absolutely crucial to understand the fee structures of merchant services. There are two structures that are industry standard: interchange plus & tiered pricing. By comparison, interchange is the pricing model that will save your business the most money. Here’s an in depth breakdown on these pricing models.
While it might seem unnecessary to jump on every security suggestion, it’s important to be in the know with what the important security trends are. Beyond EMV (chip-cards), business owners should have some basic knowledge about other security risks. One in four individuals will experience some kind of identify fraud, thus leaving your business vulnerable to chargebacks or a potential security breech. Take a look at our fraud prevention infographic for additional insights.
When it comes to any sort of financial process, it’s important as the business owner that you get a clear picture of where your dollars are moving and know exactly what you’re paying for. Successful, profitable merchants understand the nuances of their statement and can account for all financial transactions through reports and security measures. If you don’t understand your statement, ask your payment partner to break it down. Check out this article to know the right questions to ask your payment partner.
If you don’t know where to start when it comes to payments, our knowledgeable sales representatives will be more than happy to assist you. Contact TransNational Payments today!
