How to lower the costs and fees of every transaction for your small business

Business acumen is a skill set that encompasses many factors, such as that of the risk factor that affects the income generated by the company. All financial decisions, like online credit card payments, fall under the umbrella of the skills required for having business acumen.

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Cutting down expenses

When it comes to making your company generate income, one of the ways to do so is to cut down on expenses. There are expenses associated with most business transactions, such as rental and utilities. These kinds of costs are to be expected, but it difficult to trim down. The cost of a business payment transaction that you may be able to reduce significantly include that of swiping a credit card.

Checkout payment processing

Most businesses nowadays do have an online presence, such as a Facebook page. However, for reputation building, having a website is much better. When your company has a site, you can also use it to collect payments for any goods sold if you own an e-commerce site. If you are offering services such as transcription or perhaps possess a dog boarding, then you can accept card payments at your website.

About credit card payment processing

When the funds come in and out of our accounts, we may not notice the small fees. Most of us are aware that swiping a credit card such as that of Visa, costs us money. With Visa, there is a transaction fee. There is also a certain percentage applied. For example, the interchange fee of Visa for swiping a credit card is 1.51 percent plus the transaction fee of $ 0.10. These small amounts do add up to a lot, each time you swipe.

For each payment transaction

It is good to be aware that each transaction does have costs attached. To save on these costs and fees, you also need to be mindful that it is more than just the financial aspect. The other elements of costs are how much time you saved and convenience.

Other aspects of saving

For example, you would rather pay in cash at a retail store for purchasing an item you saw at their online store. So, you would need to go there, line up at the counter, and after paying, go back home. How much did you save when it comes to not wanting to make an online credit card payment? Might you have saved a few cents or maybe a dollar? Weigh that visit to the store to factor in your time and effort.

Make the right decision

You may be able to save some money by cutting down on the cost and fees of financial transactions, but what you have to deal with will not save you time and make matters more complicated, and also might add to the costs. Time spent cannot be bought back, and once it is gone, it is gone forever. Save time, money, and effort by making the right decision when it comes to a credit card transaction.