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100 WAYS: #38 Comparison Shop Banks to Lower Credit Card Fees
– July 26, 2010
Credit card processing fees are determined by a number of variables, including:
- The number of transactions;
- The dollar amount of those transactions;
- The type of equipment used and
- Your ability to negotiate fees with the bank.
Depending on these factors and on the card that is used, processing fees can range anywhere from a low of 1% to 5%. If some company is raking 5% off the top, they are actually taking a considerable chunk off your bottom line.
An easy way to slash these expenses is to negotiate a processing fee reduction with your bank. If needed, set minimum charges for credit card sales or better yet, put a surcharge on them.
It is important to recognize these processing fees as expenses that can be controlled.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is a Senior Auditor in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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