It’s a far cry from those long ago days when consumers had to have cash or check readily available, in order to make a purchase. Merchant account providers can test to that.
Welcome was the day, back in the early 1950s, when credit cards first arrived on the scene, allowing purchasers to buy at will. Not only did having a credit card give consumers the ability to make purchases, regardless of their cash flow, but also provided them with the time they needed to pay for their purchases.
This “buy now, pay later” approach opened up the spending floodgates in huge numbers, giving the world of commerce a much appreciated financial boost.
Today, for merchants and business owners, whether operating online or offline, it continues to be a major benefit to be able to accept credit card payments from customers and clients for products purchased and services rendered.
Credit card purchasing has no doubt continued to add to the profitability of most businesses. However, there are two sides to every story and credit card processing is no exception to this rule.
The “other side” and less fortunate end of the credit card story is that business merchants and proprietors are required to pay various fees for the privilege of accepting credit card payments.
These come in the form of processing fees charged by the banks and credit card companies and are actually a commission, generally made up of a percentage of the sale amount plus a flat fee. In addition, there can be annual fees, chargeback fees, compliance fees, etc.
All in all, these many charges add up and unfortunately lean heavily on profitability.
The good news for merchants and proprietors is that credit card processors, having lots of competition, are now vying for the business of merchants and proprietors, by finding ways to lower or eliminate credit card processing fees.
It is in this vein that the concept of zero fee processing, which is actually a cash discount program, has been introduced. What this means is that when a business accepts credit card payments, processing fees will be passed onto and paid for by the consumer, rather than the business.
There will, of course, still be some fees that need to be paid for by the company itself, but zero fee processing will greatly reduce the dollar amount being charged to businesses for credit card processing and therefore increase profitability.
There’s no denying, zero fee processing/cash discount programs are a welcome addition to the credit card processing world, however not every business will qualify for it.
Although credit card processors want your business, unfortunately, if your industry is considered to be high-risk for obtaining a merchant account, chances are pretty good that you will not be able to obtain access to any zero fee/cash discount programs.
However, if your company is at a lower risk when it comes to merchant accounts, with the help of the right merchant processing and business solutions company you will be able to procure zero fee processing without hassle or headache.
That’s where we come in. We’re First Card Payments, a highly successful merchant processing and solutions company, with over twenty years of experience. We have the expertise, know-how and connections necessary to bring a cash discount/zero fee processing program to your firm, quickly and easily.
When it comes to merchant accounts and credit card processing, we’ll work with you and for you to make sure you’re seeing the highest profits possible at the lowest cost to you. That’s our goal and our promise to you and we won’t let you down.
Find us at: FirstCardPayments.com