Information Integration Group, Inc. (IIG) has a very progressive of Point of Sale solution that provides additional functionality and streamlined entry of transactions needed to process POS transactions using the Sage 100 Sales Order processing module. IIG has been a leading provider in POS for small to mid-size businesses with Sage 100 since 1991 and understands the need to be competitive and find the best rate for credit card processing. Card processing fees are an unfortunate cost of doing business, but compared to lost sales from not taking cards, the choice is easy. A recent report by Dun & Bradstreet found that customers spend 12%-18% more when using credit cards as opposed to using cash. And multiple surveys have found customers feel safer using credit cards. But even with the advantages, the cost of accepting cards is a consideration for many businesses. Do you really know how much you’re paying to process credit cards, and what you can do to save money for your company?
Look for a payment processing company that gives you transparency regarding your credit card processing tiers and fees, and tells you exactly which cards and types of transactions qualify for which interchange fee level. This will allow you to better gauge how much you’ll be paying based on the types of transactions you normally handle, and more easily judge whether a low rate for qualified transactions is worth it. Another solution to this problem is to avoid the tiered processing all together, and look for a processor that will provide an “interchange plus” setup. Typically available to larger and better established companies, under this system you pay the actual interchange fees plus a flat rate based on volume. Ask your processor if this option is available for your business.
Optimize your credit card acceptance
No matter whether you’re using tiered or inter- change plus pricing, another way to lower your costs is to optimize your transactions and insure you’re getting the best interchange fees. In general, the more secure or verifiable a credit card transaction is, or the less a type of card costs its issuing bank, the lower the interchange fee (or the better, lower-fee tier it will be placed in). While you generally don’t have much control whether a customer uses a “better” card for you, how you process cards on your end can cost you a few cents per transaction, and over thousands of transactions, those numbers add up.
Employ accounting system integration
Rather than using a physical terminal to key in card numbers, using either a virtual gateway or an accounting system integration can lower your costs by providing more (secure) information to the banks (and thereby lowering your interchange rate). The same goes with pre-authorizations – manual handling can result in paying higher default fees, while regular, automatic processing through an integrated system gets you the best rate possible. These types of integration (available for all accounting software, including Sage products) also save your employees’ time and streamline your process, ultimately saving you money.
Sign up for IIG’s Point of Sale Solution for Sage 100 Complimentary Webcast June 3rd, 2015 at 10 AM PT / 1 PM ET to learn more about the options available and how to answer that pressing question “Where do we go for POS, what options are in addition to Sage Payment Solutions”?
In the end, there are a lot of factors involved in both choosing the right credit card processing company and finding the best rates available. Some of these you’ll have a measure of control over, while others can’t easily be changed. But knowledge is power, and if you don’t understand the fees you’re paying, you’re bound to be paying far more than you need to be. Shop around different credit card processors, find the best way to integrate your processing into your point-of-sale and accounting systems, and know what your fees are, and how they’re determined. A little research that saves you even a few dollars a month can add up over the years you’ll be in business.
Please contact Janice Haywood, Channel Sales & Marketing Manager, @ (818)956-3744 or firstname.lastname@example.org for details regarding a demonstration and information on the IIG Point of Sale Solution.