How To Avoid Overpaying On Your POS Processing Fees

Running a small business requires a tight eye on profits. More than likely, you will face scenarios in which you incur higher transaction fees you didn’t expect and could have avoided in the first place. Knowing how to navigate processing fees is a key part of your success. Whether you run a single location, a multi-location business, or even a mobile business, avoiding unnecessary fees should be part of the game plan.

Unfortunately, less-than-reputable POS providers are out there, and understanding fees associated with taking payment from customers isn’t easy, but knowing what to look for will help. In this article, we cover fees to keep an eye on and how to save more on your processing fees.


How To Avoid Paying Unnecessary Credit Card Processing Fees


Unfortunately, if you want to accept credit and debit cards as a form of payment in your business, you’re going to experience processing fees. The financial benefits outweigh the transaction costs, but you can still save some money on your POS system and credit card processing.

Negotiate Your Processing Fees


The reason it can be so hard to understand the actual cost of processing fees is that many merchant service providers bury fees in the fine print, and these fees can come back to haunt you. In general, the more upfront a company is about all its charges, the more trustworthy and reliable they are because they have nothing to hide, and typically those rates will be fair. But it also helps to keep an eye on certain aspects of a contract. You can then negotiate them or repackage services to boost your profits.

Transaction Fees: Choose The Right Plan


When setting up your contract, you are given the option of a range of credit card pricing plans. Here are three of the most common pricing models.

Interchange Plus Fee Pricing


This option offers different transaction rates for different card types, bank issuers, methods of transactions, and more. By understanding these fees when processing transactions, you can benefit financially by encouraging the usage of certain cards or procedures that are least costly.

Tiered Pricing


In this scenario, you are charged different rates for different tiers created by your provider. It’s important to evaluate this option carefully because most transactions can fall into a less favorable tier rate.


Flat-fee Structure Pricing


This fee allows for one charge for card-present (CP) transactions and another for card-not-present (CNP) transactions, regardless of card type. This predictable, one-rate pricing model is easy to follow, allowing you to encourage a lower cents-per-transaction option and formulate special pricing deals. However flat-rate can sometimes come out as more expensive than interchange-plus pricing.

How To Avoid Monthly PCI Compliance Charges


A semi-regular fee many merchants run into is not falling in line with PCI Compliant in how they handle payment information. Being PCI compliant means maintaining important standards for customer data protection, and it is taken seriously. Compliance is required for major credit cards such as Visa and Mastercard and is becoming more popular as businesses continue to shift to online sales.

Rule enforcement is most often the responsibility of payment processing companies. Your provider will charge you two fees: a PCI compliance fee – which is once a year – and a PCI non-compliance fee – which occurs every month you have not completed your yearly PCI Compliance audit. Providers are free to charge however much they like for each service, and it can range anywhere between $30-$99 a month. Monthly charges are done both directly or indirectly via higher monthly fees, processing rates, or both. In some cases, the charges begin months after originally signing up with the processors hoping you won’t keep a close eye on all your ongoing processing fees.

As a merchant service provider, we at BNG Point-Of-Sale have a long and reliable history in helping our customers practice PCI Compliance within their business and avoid non-compliance fees.

PCI Compliance is necessary and it does require some work by the processors, so the charges aren’t a hoax, but there are some ways to keep costs down:
  • You can take on the responsibility of PCI Compliance yourself and forgo the processor’s fee; however, you will be on your own if issues arise. In today’s world of increasing e-commerce, it’s not recommended.
  • You can prevent the risk of non-compliance fees by working with companies that handle compliance internally. If they (not you) are the source of customer purchasing data, they are automatically in charge of it. Square and PayPal are examples of companies that handle all PCI Compliance, and we often account for these services when onboarding our customers and annually remind them to follow PCI Compliance.
  • At first glance, it may appear you are not charged by these companies for compliance and non-compliance, but in reality, compliance is still built into the standard fee for service; you just won’t see it specified. Still, you won’t be responsible for non-compliance fees since they own the data and are fully responsible for it.
  • The amount of compliance required of your business depends on how you take in payment and store customer data. Since processors have numerous clients and prefer not to get specific about it, they may charge a basic fee to cover most issues. This means you could be overpaying, so it’s a good area to evaluate this price of the packaged service vs. when it is priced individually.
  • There may be companies that don’t charge for compliance, but they are rare and may be suspect. In most cases, any free compliance is covered with higher fees in other areas.

How To Avoid Chargeback Fees


Chargeback fees should be avoided since they are more expensive than traditional transaction fees – especially if you are categorized as a “high risk” client. The first step is to avoid chargebacks in the first place.

Chargebacks can be the result of sales errors by you and your team, a misunderstanding by the customer, or the result of identity theft. Here are some ways to combat each.

Reduce Transaction Errors

  • Know when to stop a transaction. If an error occurs, push the cancel/hold button inside the transaction. If you are unable to do this, the transaction has already been claimed by the processing company.
  • Accurately process credits as credits and sales as sales.
  • Receive an Authorization Approval Code (AAC) before running a transaction.
  • Before batching your credit card processing at the end of the day, review all charges to verify all charges are correct and not duplicated. Keeping this as an active daily routine can prevent costly mistakes.
  • Ensure shipped items arrive to the customer to avoid disputes. Select the “ship product to billing address” to alleviate data error.

Keep Records Of Voids


Provide records to your customer of any proof of voids and include companion documentation for any disputes showing details of each purchase.


Decrease Risk Of Theft


If your processor charges more for card-not-present transactions, which most do, it’s because the risk of theft is higher. By requiring a driver’s license and signature and doing manually keyed-in card payments in person rather than over the phone, you lower the risk and enjoy lower charges per transaction.
Try to avoid non-qualified processing (when a card isn’t present or keyed or is missing billing information.) This type of processing is considered a high-risk factor, and processors charge accordingly.


When Possible, Run Orders On Debit Cards


Debit cards are considered a lower risk than credit cards and, in turn, the transaction rates are quite a bit less. This has mostly to do with the fact the purchase is a direct bank-to-bank transaction, but other factors make a difference such as PIN verification and signature requirements, bringing these purchases into a lower risk category. And typically the rates hold. You will still experience rate differences among debit cards related to how the purchases are conducted and who the issuing bank is.

Special incentives such as loyalty programs for debit card users help to easily boost profits.

A Final Thought On Keeping Processing Fees Low


As you can see, several variables can affect your processing rates. From fines to the pricing model your merchant service provider recommends, there’s a lot to consider.

As tempting as it can be to just try and find the cheapest option, be careful going with the lowest bidder. Remember, all POS and payment processing providers have to make some money to cover the costs of support their merchants. If you choose a processor with incredibly low fees, you run the risk of getting what you pay for when it comes to supporting your business.

If you’re not sure if you’re overpaying on your processing fees and want a free analysis, let our team review your current monthly statements and we’ll let you know if you’re getting a good deal or not.

Spotlight

Auchan Retail

Auchan changes lives! Those of its customers, employees and partners. To create new-generation retailing that improves people’s lives, Auchan Retail places customers at the centre of its actions and reaffirms the retailer’s role: that of a multi-format, “phygital” activist for good, healthy, local produce that constantly reinvents itself to deliver a new customer experience – one that’s close, connected, surprising and considerate.

OTHER ARTICLES
POS Solutions

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Article | June 1, 2022

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Emphasis on POS Integration Capabilities With a growing emphasis on customer data, behavior analysis, and inventory data, the integrations between cloud based POS systems and mission-critical software applications, such as e-commerce platforms, inventory management, accounting, and customer relationship management (CRM) systems, are on the rise. This trend enables businesses to dismantle data centers and create a unified ecosystem in which information flows seamlessly between all operational aspects. By keeping apprised of these integration features, businesses can lower manual data entry, eliminate errors, and obtain a broad view of their data, enabling them to make more informed decisions and enhance their overall efficiency and productivity. With this, integration has emerged as an imperative strategy for businesses seeking to flourish in a market that is becoming increasingly competitive. 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Surge in Data-Driven Insights and AI As the demand for better customer experience continues to grow, payment technologies such as cloudPOS systemsare no longer just used for transactional applications but are also used for robust data analysis and decision-making. Using the vast quantities of data generated by cloud POS software, businesses can now obtain valuable insights into sales trends, customer behavior, and inventory management. Furthermore, the integration of AI enhances these systems by predictive inventory forecasting, resulting in facilitating advanced analytics and creating personalized marketing campaigns. In an increasingly data-centric business environment, businesses are thus focusing on adopting this cloud POS trend to make data-driven decisions that optimize their operations, improve customer experiences, and maintain a competitive edge. Personalized In-store Shopping Experiences The trend toward personalized in-store purchasing experiences represents a fundamental change in how businesses interact with their customers. This trend is a response to consumers' changing expectations, who want more than just transactions and seek meaningful interaction. Cloud based POS solutions are at the forefront of this innovation, allowing businesses to access real-time customer profiles, purchase histories, and preferences. Leveraging this information, salespersons can deliver customized product suggestions, personalized promotions, and a level of service that resonates with each customer's specific wants and aspirations. This not only assists businesses to improve the in-store shopping experience but also fosters brand loyalty and encourages repeat business, positioning them for long-term success in a customer-centric world. 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Elevating Payment Experiences: Unmasking Top 15 POS Solution Providers

Article | July 28, 2023

Delve into top POS providers and their comprehensive offerings. Discover how these robust payment solutions collectively shape the trajectory of payment experiences and customer satisfaction. An extensive Point-of-Sale (POS) solution is essential in the current business environment. These solutions seamlessly integrate sales, inventory, and consumer data, enhancing overall operational efficiency. With streamlined transactions, accurate inventory management, and extensive sales analytics, businesses are able to make informed decisions, optimize resource allocation, and improve customer experiences. A robust POS solution exceeds transaction processing to become a strategic tool that enables businesses to navigate complexity and flourish in an increasingly competitive market. Thus, adopting a POS payment solution from reliable and recognized companies is crucial for businesses. 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Lightspeed Lightspeed Commerce is a cornerstone for the organizations that constitute the core of the worldwide economy. It enables merchants to drive innovation, expedite operations, and deliver unparalleled customer experiences by providing a comprehensive commerce platform. The company's cloud-based solution integrates and harmonizes both physical and online operations, from facilitating multi-channel sales to ensuring efficient global payments and providing financing options. Lightspeed's solution is a strategic enabler for businesses pursuing growth, efficiency, and superior customer engagement when navigating the complex terrain of commerce. TouchBistro TouchBistro has established itself as a key participant in the hospitality industry by providing an integrated platform that combines front-of-house, back-of-house, and guest engagement solutions. The company assists restaurant owners in optimizing and streamlining their operations by leveraging its powerful combination, thereby reducing the need for manual tasks and augmenting the focus on customer interactions and business expansion. This advanced solution redefines operational efficiency in the restaurant industry, reinforcing TouchBistro's dedication to facilitating seamless connectivity and nurturing sustained growth for its clients. Clover A subsidiary of Fiserv, Clover Network Inc. is at the forefront of innovation with its complete, open-architecture point-of-sale system designed to meet the needs of small and medium-sized business owners. As an influential force, the company's products redefine the consumer-merchant engagement dynamics and pave the way for frictionless interactions. Through Clover, Fiserv embarks on a mission to establish a leading operating system, bringing in a new era of commerce-enabling applications and solutions designed to empower business owners in a variety of industries. Revel Systems Revel Systems serves as a catalyst for the goals of retailers and restaurants by providing a cloud-based POS and business management system. Engineered for optimal security, user-friendliness, stability, and service excellence, Revel's ecosystem surpasses obsolete legacy solutions by offering an iOS-based POS platform that combines cloud-based innovation with the mobility of the iPad. This transformative strategy positions Revel Systems as the centerpiece for businesses seeking to modernize operations and enhance consumer experiences in a dynamic market. 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This convergence positions Lavu Inc. as a dependable partner for small businesses attempting to navigate the complexities of commerce with innovation and efficiency in the lead. LevelUp LevelUp is a pioneering force in the creation of cutting-edge mobile experiences for over 200 national brands. Its mission is to equip businesses with the tools needed to cultivate meaningful customer relationships, accelerate sales growth, and develop a robust, scalable mobile strategy. The company's platform offers a flexible suite of customized functionalities, including mobile rewards, seamless native online ordering, secure payments, dynamic customer relationship management, and a variety of other features. LevelUp's unwavering dedication to innovation positions itself at the forefront of enabling businesses to cultivate long-lasting consumer relationships. 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Mad Mobile Mad Mobile is an internationally recognized technology company famous for its exceptional and scalable restaurant and retail solutions. The company specializes in redefining consumer engagement and enables businesses to transform their interactions with customers. Their one-of-a-kind platform enables the seamless incorporation of mobility into existing systems, thereby boosting sales performance and digitizing the passenger experience. As a leader in technology-driven solutions, Mad Mobile is at the leading edge of propelling innovative mobile experiences in the business environment. ItsaCheckmate ItsaCheckmate is a notable provider of an all-encompassing two-way integration solution that connects point-of-sale systems to the dynamic realm of on-demand services. 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Article | August 18, 2022

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Article | February 10, 2020

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Auchan Retail

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Business Wire | October 25, 2023

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Business Wire | October 12, 2023

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GlobeNewswire | October 10, 2023

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Paymentus Partners With PropTech Leader MRI Software to Streamline Rental Property Utility Payments

Business Wire | October 25, 2023

Paymentus Holdings Inc. today announced a new integration with MRI Software, a leading provider of real estate software solutions, to expand the utility billing and payment capabilities available to MRI clients. The partnership enables renters to receive, manage, and pay bills from national, regional, and local utility providers currently connected to the Paymentus Instant Payment Network®, or IPN, and features a host of expanded payment options. The Paymentus integration with MRI Property Management X is available for clients using the MRI LivingTM suite of residential property management tools. In the recent Voice of the Resident Report commissioned by MRI, most respondents – which included more than 2,000 U.S. renters across a mix of locations and rental categories – preferred more digital payment options to pay their bills. Paymentus supports more payment methods and payment channels than any other billing and payment platform, including online, mobile, IVR, text, kiosk, point of sale, and agent-assisted payments, as well as popular and flexible payment options such as Venmo, PayPal, Apple Pay, credit, debit, ACH, digitized cash, crypto, and more, to drive consumer action, adoption, and satisfaction. “We understand consumer bill-pay dynamics better than any other payments solution provider,” said Dushyant Sharma, Founder and CEO of Paymentus. “When we expand payment optionality and remove friction from the process, bills get paid on-time and in-full. For property managers, our integration with MRI Property Management X will connect tenants directly to their utility providers meaning fewer payments for multifamily property managers to manage and fewer delinquencies and service shut-offs to deal with.” “Today’s renters value the flexibility that comes with digital payment options,” said Sean Slack, Vice President of Partner Connect at MRI Software. “As an MRI partner, Paymentus will enable our clients to exceed expectations for multifamily, affordable and student housing renters by offering more ways to pay for utility services, resulting in a more satisfied, engaged community.” About Paymentus Paymentus is a leading provider of cloud-based bill payment technology and solutions for more than 1,900 billers and financial institutions across North America. The company was named the industry’s best-in-class provider of EBPP solutions by Aite-Novarica in February 2022. The Paymentus omni-channel platform provides consumers with easy-to-use, flexible, and secure electronic bill payment experiences through their preferred payment channel and type. Paymentus’ proprietary Instant Payment Network®, or IPN, connects IPN partners’ platforms and tens of thousands of billers to Paymentus’ integrated billing, payment, and reconciliation capabilities. For more information, please visit www.paymentus.com. About MRI Software MRI Software is a leading provider of real estate software solutions that transform the way communities live, work and play. MRI’s open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organizations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than six million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realize their vision of building thriving communities and stronger businesses.

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Restaurant POS

PAR Technology Corporation Has Entered into An Exclusive Unified Point-of-Sale Agreement

Business Wire | October 12, 2023

ParTech, Inc., a global restaurant technology leader and pioneer of unified commerce for enterprise restaurants, today announced that it has been selected as the exclusive point of sale (POS) software and services provider, with Brink POS® and marketplace order management software, with MENU Link, for Burger King® traditional restaurants in North America. ParTech, Inc., is a wholly-owned subsidiary of PAR Technology Corporation. PAR’s Brink POS is a next-gen POS software deployed in more than 21,000 restaurant locations to enable their growth. The cloud-native platform facilitates omni-channel ordering, kitchen management, restaurant operations, and analytics in a fully configurable system, all while maintaining a user-friendly design that optimizes operator experience and guest engagement. Brink POS’ robust APIs ensure that customers can quickly integrate their existing IT stacks with the new PAR system, ensuring rapid and low-friction rollouts. PAR’s MENU Link technology is one component of the PAR MENU ecosystem for omnichannel ordering. MENU Link streamlines external order management into a single system across the largest delivery marketplaces by integrating third-party ordering platforms, thereby minimizing errors, increasing efficiency, and improving guest satisfaction. About PAR Technology Corporation For more than 40 years, PAR Technology Corporation’s cutting-edge products and services have helped bold and passionate restaurant brands build lasting guest relationships. We are the partner enterprise restaurants rely on when they need to serve amazing moments from open to close, during the most hectic rush hours, and when the world forces them to adapt and overcome. More than 100,000 restaurants in more than 110 countries use PAR’s restaurant point-of-sale, loyalty and back-office software solutions as well as industry leading hardware and drive-thru offerings. About Restaurant Brands International Inc. Restaurant Brands International Inc. is one of the world's largest quick service restaurant companies with over $40 billion in annual system-wide sales and over 30,000 restaurants in more than 100 countries. RBI owns four of the world's most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES®, and FIREHOUSE SUBS®. These independently operated brands have been serving their respective guests, franchisees and communities for decades. Through its Restaurant Brands for Good framework, RBI is improving sustainable outcomes related to its food, the planet, and people and communities. To learn more about RBI, please visit the company's website at www.rbi.com.

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POS Solutions

Nuvei launches upgraded solution for B2B payments in Canada

GlobeNewswire | October 10, 2023

Nuvei Corporation, the Canadian fintech company, announces today that it has launched its enhanced payments solution for business-to-business (B2B) payments in Canada. B2B businesses working with Nuvei are now able to offer their customers in Canada a holistic payments solution including Card-Not-Present and account-to-account processing capabilities, Level 3 processing and Nuvei’s advanced proprietary accounts receivable (AR) solution, directly integrated with their enterprise resource planning (ERP) system. Benefits of Nuvei’s AR solution include simplified workflows and back office efficiencies, unique payment capabilities designed to handle the nuances and complexities of business to business commerce, and shortened invoice to cash cycles. B2B payments is a rapidly growing sector of the Canadian payments landscape, as well as a requirement for the ongoing growth of many businesses focused on domestic or cross-border commerce in Canada. Nuvei is leveraging existing deep integrations into many of the leading ERP solution providers operating in Canada through partnerships in other geographies to accelerate its launch in the country. Nuvei’s unique B2B payment capabilities are often powered through back-end integrations with ERP software systems that allow organizations to manage day-to-day activities across operations, finance, procurement, and commerce. Additional features of Nuvei’s B2B payment function that are now available to Canadian businesses include the ability to offset the cost of card acceptance with fee recovery, automated invoicing – saving both time and money, tokenized payment account information that is stored on file and accessible, and dynamic discounting to further reduce the length of time to access cash. Philip Fayer, Nuvei Chair and CEO, commented on the announcement: “B2B payments is a key growth vertical for Nuvei. We’ve had tremendous success supporting our partners and their customers with leading payments solutions in the U.S., so we are thrilled to be expanding our capabilities internationally.” Fayer continued: “We’re an international payments services provider, but our roots are in Canada, so we are particularly pleased to be bringing this much-needed holistic payments solution to businesses and our partners supporting businesses in the Canadian market.” About Nuvei Nuvei is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47+ markets, 150 currencies and 634 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.

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