Running a business is hard enough without getting shafted by your payment processor. Unfortunately, it’s all too common for businesses to be charged hidden fees or exorbitant rates by their payment processor. So how can you tell if you’re being ripped off? Keep reading to find out!
Check the Fine Print
The first step is to thoroughly review your contract with your payment processor. Don’t just skim over it—actually read it and try to understand all the terms and conditions. Chances are, you’ll find all sorts of sneaky little clauses in there that allow your payment processor to hit you with hidden fees. If you’re not sure what something means, don’t hesitate to reach out to your processor and ask for clarification.
Compare apples to apples
When you’re shopping around for a new payment processor, it’s important to compare apples to apples. In other words, make sure you’re comparing processors that offer similar services and have similar fee structures. Otherwise, you might think one processor is cheaper than another when, in reality, they’re just charging different fees for different services.
Know what fees you should be paying
Generally speaking, there are three main types of fees that a payment processor can charge: transaction fees, gateway fees, and monthly fees. Transaction fees are charged every time a customer makes a purchase; gateway fees are charged for each transaction that goes through the gateway; and monthly fees are charged regardless of how many transactions are processed.
Payment processing companies can be tricky—they often charge hidden fees or exorbitant rates that leave business owners feeling taken advantage of. But there’s no need to worry! By following the steps outlined in this blog post, you can make sure you’re not being ripped off by your payment processor. Happy hunting!