As a construction company, it’s important that you find payment solutions that you can rely on to make your job easier. There are several steps that you and your employees can take to ensure you pay lower rates and fees for your merchant accounts during transactions. This can happen regardless of whether you have set fixed rates for your account.
Can You Lower Your Rates?
Different types of credit cards incur separate levels of charges. And this is because the rates are based on the corresponding level of risk for each type of card. The system considers a handful of other variables for qualifying the business such as the different types of transactions that were carried out. When all these factors add up, you will be met with lower rates of your transactions.
Another thing to watch out for is the address verification of your construction merchant account. Although it can be crucial for card-alternative methods, retail stores do not need to put many minds to it. This entails the recording of the last 3 or 4 digits of the cards at the time of each transaction as well as the address and zip code of the cardholder. If the address verification contains the main components, it means that they meet the interchange qualification requirement for that particular card type which implies lower rates.
Steps To Take To Lower Rates
A more realistic way to lower your rates is by simply running transactions since it will be difficult to meet up with some qualifications. Nonetheless, there are things you can do to keep the rates of your construction merchant account from getting too high. And they are;
- Make sure to always batch out your POS(point of sale) device at the close of work every day. This helps you receive funds faster and increases your chances of qualifying for lower rates on your transactions.
- Ensure that you adhere to the address verification guidelines of your construction merchant account service. Be careful not to omit important information if your service provider requests for a full version of the address verification.
- Opt for a card reader that prioritizes swiping to manually inputting credit card information. Not only does this save time but it ensures more security in the payment process.
In sum, whether or not you qualify for lower rates is dependent on how complete the card information is on the payment solution. By following the simple steps discussed in this write-up, you can reasonably increase your chances of saving pennies on the dollar. You should note, however, that the conditions are peculiar to cards.
Nonetheless, you should note that your service provider has the complete leverage to lower rates or not. So just do everything reasonably within your power and the company’s guidelines to get your construction merchant payment service to reward your efforts by helping you save money. Of course, you’re better off selecting a trustworthy and accurate payment solution to make this a possibility.