3 MIN READ
The British Retail Consortium report that in 2018 almost 80% of retail sales were paid for by card. As convenient as that is for the consumer, it does mean one thing for the retailer; Card payment fees! They are, unfortunately, a necessary expense when it comes to retail but what if we told you there was a way to save money on your merchant acquiring fees?
How does merchant acquiring work?
The good news is that there are ways you can save money on your merchant acquiring fees, with many retailers currently paying too much for this.
First of all, you should get clued up on how payments work. Payment processes on the surface seem pretty straightforward, but the ecosystem under the facade is a multifaceted network that works together in real-time to ensure a smooth sailing experience for customers and retailers.
The more you know, the less likely you are to get stung by hidden or excessively priced payment fees. The charges you pay for card payments come with the territory which is why most business owners don’t consider this an area where you can save money.
Of course, the amount you pay in fees depends on things like your sales figures – by exploring your options and switching, you might be able to save money on your acquiring fees. It’s definitely worth finding out if you can save money, or if you’re on the best rate already.
Save money on global acquiring fees
One important factor to consider is international acquiring fees; transactions considered ‘domestic’, ie. in the same country as the customer, are typically subject to lower fees, so ensuring you’re with a partner that offers the correct local operating license is a must for cutting back on the costs of merchant acquiring fees. You can find out more about internationalisation here.
How you can act now to reduce your merchant acquiring fees
We can help you figure out whether you’re overpaying and if you can save money on your merchant acquiring fees. You probably are, given our vast experience with retailers – it’s a commonly overlooked, potential cost-saving area. Over the past year, we have helped our retail partners save on average 23% on their acquiring fees. We can also offer peace of mind, and we’re always upfront on whether we can offer you a substantial saving or tell you you’re already on the best rate going.
We’ve recently paired with Global Payments, enabling us to offer our clients the best payment experience possible. Switching is easy and getting a quote is even easier. Find out if you are overpaying now by getting in touch with the Venditan team!
Find out more about payments here.
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9th October 2019