Merchants Want to Understand Transaction Fees

Business owners of all kinds want to know that they’re getting the most out of the money they invest in their business.  When it comes to credit and debit card processing, most merchants have a hard time understanding just what they’re getting when they pay their providers and where all the money from transactions is going.  This widespread confusion around electronic card processing fees often leaves merchants under the impression that they are being taken advantage of.  In the competitive payments industry, the providers that make some effort to educate their merchants and keep them in the know about what they’re paying and why could really differentiate themselves.

Be Clear, Not Confusing

While merchants do want to know what fees they’re paying and why, they don’t want to be bogged down by payment industry jargon.  If you’re going to make an effort to help merchants understand their processing fees, find a way to communicate the details without talking over their heads.  Try not to be misleading in your explanations and say what you mean.

Make It a Positive

Merchants tend to think of their credit card processing fees as a negative part of doing business.  As a payment service provider, you have the opportunity to remove the dark cloud that hovers when your merchants consider their credit card processing costs.  Focus on the value they are getting, especially when they choose your company for their payment processing solution.

Take a Creative Approach

Finding a more creative way to explain the less than exciting payment processing fees is a great way to show your merchants that you care.  Consider providing a handy guide for credit and debit card processing that is not only informative but visually engaging and easy to read through.

Prove You’re on Their Side

As previously stated, you want merchants to understand that you’re not trying to scam them, and you’re actually going out of your way to make sure they know where their money is going.  Does your company offer anything special to merchants?  Perhaps you have fees that are significantly lower than other providers.  Make sure your merchants know.  Merchant account fees are a fact of life, but it always helps to let customers know that they’re getting quality service for their money.

Don’t Leave Anything Out

If you’re going to tell merchants about their fees, don’t leave out the one they might like the least.  While it may be tempting to hide a fee that merchants don’t quite like, you’ll likely upset them more by taking on hidden fees in their monthly statements.  Instead, you should focus on helping merchants understand why they have to pay the fee.

Merchants looking for a new payment service provider will likely spend some time researching and comparing companies.  By being more transparent about fees and giving merchants the information they need to make their decision, you can put them at ease and allow them to choose your company with confidence.

in Industry News, Best Practices

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