The ability to process credit cards can have a significant impact on your bottom line, but knowing what you’re paying for is crucial in ensuring that you get the most value from

every transaction. When the time comes to pick a payment processor, use these tips to

guarantee that you know what you’re paying for and avoid any hidden fees or unpleasant

surprises on your next statement.

• Many processors will quote you their “qualified” rate.

• Qualified rates don’t account for the additional fees associated with rewards cards.

• Watch out for additional fees for American Express or Discover.

• Get it in writing, and review your statement closely.

• Do not rent or lease your terminal – buying a terminal outright is much more cost effective.

• Beware of “free” terminal offers. These typically come with conditions that could end up costing you more.

• Terminal pricing should be clear and straightforward – look for a processor that publishes their terminal costs.

• Look for alternative options such as virtual terminals or USB card readers for flexibility at lower costs.

The best way to get the right answers is to ask the right questions. Your payment processor should be

able to answer your questions openly and honestly, without

referring to obscure fine print or convoluted terms and conditions.

• How soon will your account be funded? Look for next day funding, not 2-5 day processing.

• Is there a monthly minimum? If the answer is yes – walk away!

• Do they charge for address verification (AVS)? If they do, you’re already paying too much.

• Is there a fee for paper statements? There shouldn’t be!

• Understanding what you’re paying for is the first step to reducing costs.

• A detailed review can uncover hidden charges and fees that you didn’t even know you were paying.

• A statement analysis can help explain sudden changes in your rates and fees.

• Check their Better Business Bureau (BBB) rating. A reliable processor should have an excellent rating with a solid history of resolving any issues.

• Look for testimonials and reviews – the feedback of other customers can be invaluable.

If you know what to look for in a payment processor, you can save yourself as much as

20-60% in processing fees. Seemingly insignificant fees can quickly add up to a sizeable percentage of every transaction, regardless of how much business you do.

When choosing a processor, look for one that explains their processing fees clearly, that doesn’t charge arbitrary fees for services such as AVS or paper statements, and that

offers the support you need.

Leap Payments is a credit card processing company with a long history of providing excellent payment processing solutions. Leap Payments is renowned for their mission to provide lower fees, faster processing, and more personal customer service. Visit their website at: http://www.leappayments.com or call 800-993-6300.