Banks differ to independent payment providers in regards considering comes to the service that they offer on merchant acquiring. More favourable rates can be offered by independent payment providers In case you are you’re a are a smaller business.
How do independent payment providers offer better rates?
The majority of independent providers work with the banks to negotiate lower rates; they have to be able to ability to get this done do this with their larger buying power. This in turn allows them to pass this saving along to their customers.
Independent providers also focus on providing merchant services to SMEs (small and medium enterprises) because they can they can undercut what the banks can offer and therefore can provide a better service. Independent providers offer rates dependent on the business type, turnover etc which is particularly important for small and growing businesses but less important for the larger retail chains.
Which payment provider will be best for my business?
The larger providers will manage to able to negotiate the better rates. It is most likely than likely they can they can then transfer greater savings down to their customers.
You should also consider a provider that can offer capped rates for the duration of your contract. Banks often raise their merchant fees in line with inflation and policy. Capped rates will protect your business from these increases and will keep your merchant fees as little as low as possible for so long as long as possible.
The next step
The next step is to contact several number of providers to discover what out what quotes they can offer for your business. It’s a good idea is best to contact a number and make comparisons across merchant fees, customer service and support. This could help your business to save plenty of bundle of money of money in the future.