Cheapest Credit Card Processing No Monthly Fee – For many small businesses, now is a great time to save money. In any business operation there are many opportunities to reduce costs and preserve your bottom line. Too often, however, small business owners and managers cut costs that are critical to business success. You never want to cut costs that affect your product, service or customer experience. Instead, it’s important to focus on manageable costs that can be reduced without sacrificing the quality customers expect.
A very important aspect to consider is your credit card processing rate. Handling can be very difficult, especially when you get into weeds with certain levels of detail. But knowing the basics of credit card processing can help you make important business decisions that can save you a lot of money. At KORONA, we want our customers to find the best products for their processing, and we will work with each of you to achieve this. That’s why we’ve connected with all the major credit card processors and will put together an aggregated credit card processing rate comparison. This way you will have full transparency and you will be able to see what you are paying for. In this blog, we’ll cover how your merchant services price comparison works and how you’ll save money for your small business.
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Well, give us a call or click the button below! Whether you’re an existing customer or purchasing a new POS system, we analyze your current rates against a variety of major processing companies. The goal is to find the most affordable solution for your business with complete transparency in the pricing structure. Through this process, we provide our users with several key benefits:
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Since KORONA is not a payment processor, we connect with all merchant service providers so that our customers can process credit and debit card payments. This, in turn, gives you the chance to find the cheapest solution on the market. We’ll take your current audio processing and run it through a simulation of multiple processors to find the cheapest annual option.
Payment processors are notorious among business owners for introducing extra fees and surcharges. This will not happen under our supervision. We only work with merchant services that provide full transparency to their users, which means you’ll see the cost of each payment. There are many factors that affect the final processing rate, including conversion fees, processor fees, network fees, and more, so it’s important to be prepared.
For the sake of transparency, we will break down your costs by product rather than giving you the final combined price. Many processors will offer a flat-rate pricing structure or simply charge a simple transaction fee. While this is easy, it hides the actual fee per transaction. Since the final price you pay for any debt purchase or loan will vary based on a number of factors, it’s important to charge accordingly.
At the end of the process, you will have a solution that will save your business money. In some cases, quite a lot of money. For many of our customers, we can even lower your POS subscription price with the savings you get from a new processing solution. While the percentage might not seem like much, check out our analysis of Square’s new processing rate to see how much it affects your total annual processing costs.
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In short, merchants are paying for complex services that are critical to their business operations. Facilitating every payment and credit transaction your business accepts involves multiple parties. While it can be frustrating to deduct a portion of each sale from your profits, this is a service that businesses have to pay for like any other.
So what happens during a credit card transaction? Although it only took a few seconds, a lot happened.
Transactions don’t just happen between you and the user, when the card is used as payment. Instead, it requires your processor, two different banks, and a large card network. These participants not only process transactions, but also keep them secure. This protects customers from stealing funds from their accounts and protects merchants from accepting fraudulent transactions.
When it comes to final fees, there are many factors that affect the final calculation. Many small business owners wonder what the average transaction fee they process is. It’s hard to average unless you get a flat rate model (which is generally not recommended). Some businesses find ways to get their average processing rate as high as 2%, while others pay 5%! It will vary based on the number of elements mixed into the final processed total.
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A large part of the handling fee assessed for any transaction will be the exchange rate. The exchange rate is determined by the major card network, but is provided to the issuing bank to take the risk of the transaction. They are assessed as fees to cover the risk of processing any transaction. Therefore, higher-risk activities result in higher conversion rates than less-risky activities.
Each card network is responsible for setting its own exchange rate. The rate depends on several factors, including the type of card used, how you entered your card details, the total amount charged, the type of business you have, and several other factors. Card networks vary in exchange rates – American Express and Discover generally have higher exchange rates than other major networks, which is why some retailers don’t accept them.
Unable to negotiate exchange rate with your processor or card network. However, they may be restricted by your store’s policies. For example, you can choose not to accept certain types of cards or allow purchase buttons. These transactions are riskier and have higher fees. For more detailed information, please review our Exchange Fees Guide.
While interchange fees are paid by consumers’ banks, card networks also take a small percentage of each transaction because of their role in regulating the industry and setting exchange rates. These fees are the lowest of all transactions and are not negotiable. Your credit card processor has no control over these rates. For example, MasterCard, Discover and VISA have assessment fees between 0.11% and 0.13%.
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The credit card processor will also make small but active transactions for any transactions he facilitates. Your processor is responsible for ensuring that all parties communicate and that transactions are approved or rejected quickly and successfully. Your processor is also responsible for ensuring that transactions meet all industry standards, including PCI compliance. These fees are negotiable and vary by processor. Businesses can demand lower rates from competing processors. These are the points for finding an affordable dealer service solution.
Attached to your processor fees can be many additional or hidden fees. Not every processor charges their merchants all of these fees, and it’s best not to charge any of them. In our cost comparison, we’ll also show you each of these potential charges so you can see if you’ll receive additional bills. Below is a list of additional fees some processors charge to the final total.
Processors that charge a premium for their services will advertise that they don’t charge any of those fees. In fact, these are combined into a fixed percentage above the standard exchange rate, plus standard processor and network fees. More on that below.
Likewise, exchange rates and internet charges are non-negotiable. You’ll also see them called general charges. These are fixed and do not change based on the processor you choose.
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Processing rates, including any additional fees above, are negotiable. These are sometimes called signal charges. These are the factors to consider when you are looking for the best processor. Any processing charges should be specified on your processing bill.
When it comes to your processing-grade models, there are two main types: passive and hybrid. The pass-through rate model provides consumers with greater transparency, while the hybrid model combines all fees into one.
This is the most transparent pricing structure in the industry and works for almost any type of business. Each processing fee breaks down all its components separately, starting with the interchange fee and then contributing to all total and total charges on each monthly statement. It requires more reading, but it shows businesses exactly what they charge.
Like exchange-plus, this separates the wholesale bed from each purchase and all original charges. Tab as a simple monthly fee, your subscription or membership plus non-transferable exchange and internet fees. This model offers the same transparency as exchange-plus, but is more suitable for businesses dealing with medium-sized transactions.
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