3 Things to Know About Your Payment Processing Environment

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3 Things to Know About Your Payment Processing EnvironmentIgnorance isn’t always bliss; particularly when it comes to your payment processing environment. The truth is you could be missing out on big savings. There are also other advantages you didn’t know existed, explains Payment Processing Advisor, Joe Bailey.

Learn the answer to these three questions to make sure you’re making the most of how you process payments.

1. What’s Your Effective Rate?

“Many merchants aren’t aware of their effective rate, or what they’re paying to accept cards,” Joe says.

Calculate your effective rate by dividing your monthly processing fees by your monthly sales volume. It is important that business owners know how to calculate their effective rate so they can understand better what they are paying for and are able to hold their payment processor accountable.

2. How Efficient is Your Payment Processing Environment?

Whether you’re accepting payments at your location or offsite, there are a variety of ways to process payments and you want to work with a company that offers the solution that works for you. “It’s important to be aware of these options so you can pick the right solution–or a combination–that fits your business needs,” Joe explains.

If you’re processing with a standalone terminal, for example, consider using a virtual terminal so you can integrate your payment processing with your accounting or ERP software.

3. Are You Benefiting from Level 3 and Large Ticket Savings?

When you provide Level 3 data, it allows access to lower interchange rates from credit card companies, saving you up to 40% in the long-run, resulting in optimal savings.

Level 3 and Large Ticket processing provides more detailed transactions designed to support business-to-business payment processing. i3 Commerce Technology helps companies take advantage of these lower interchange rates and it positively impacts your bottom line. “i3 Commerce Technology saved an ink supply company $10,000 per month in processing fees which resulted in $120,000 annual savings. We were able to make a dramatic difference in their payment processing fees,” Joe explains.

Let i3 Commerce Technology Help Save You More:

Contact us online or call 1-800-621-8931.

Check out i3 Commerce Technology’ newsroom.

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