When I talk with my market friends about being able to accept credit cards at market and over the phone I’m always asked is it worth it?
Becoming a credit card merchant is one of the best things I’ve done for my business as it makes it easy for people to shop with me – especially over the phone.
Many people worry about the merchant fees the banks charge and yes, it is valid to be very aware of bank fees but don’t let them hold you back from building your business.
The merchant fees usually charge by the bank include taking a percentage of each sale, monthly fee for equipment, minimum service fee and then the credit card funds need to go into a specific bank account.
It does vary from bank to bank and it does pay to do your research, especially as there can be steep exit fees.
Many industry groups offer special deals with specific banks for merchant services that makes it all that much cheaper. There can be many benefits belonging to an industry group or association – they get group discounts not only for merchant services but travel, accommodation, shipping, insurance, trade shows, equipment, periodicals and books, seminars and training as well as summarising government industry legislation etc.