Over 30% Of Business Owners Pay High Merchant Processing Fees

Jan 05, 2017

According to one of the merchant service providers, more than 30% of business owners pay high merchant processing charges without being aware of this.

Merchant Processing Survey

Based on the results of 2016 Merchant Processing Survey carried out by a merchant processing provider, it became clear how business owners pay their credit card processing bills and what efforts they make to save money each month.

The survey shows that many merchants are well aware of the fact that variable charges on merchant processing are high. However, either they don’t know how to minimize the costs or they just don’t take measures to save money.

52% of merchants participated in the survey think they are overpaying for merchant processing each month. 32% of participants don’t pay attention to the bills before making a payment or don’t know much about their merchant processing account.

Reliable Credit Card Processing

According to the CEO of this merchant processing company, traditional processing invoices include hidden fees and unclear contract terms. However, business owners should know that transparent merchant processing does exist.

If you’re looking for a reliable and low-cost payment processor, consider turning to emerchantbroker.com. EMB is voted the #1 high risk processor in the United States and has A+ rating with the BBB. EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated “A” by Card Payment Options.

The survey found out that some businesses don’t accept credit cards because of merchant processing fees. 36% of survey participants not accepting credit cards mentioned the cards require higher fees and are not convenient for them.

Sometimes, companies claim their contracts with merchant service providers include contract cancellation, ancillary, and interchange fees and other charges that make processing more complex. Thus, it is extremely important for merchants to search for a trustworthy merchant service provider that will provide reliable credit card processing to make their transactions more streamlined.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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