Conducting a Merchant Services Cost Saving Analysis

When it comes to accepting credit and debit cards at your premises or online - the demand for the facility is apparent. When it comes to getting the best services and price to accept credit and debit cards, it can take some attention to detail. It may be time to conduct a Merchant Services Cost Saving Analysis.

The majority of people in Ireland (54%) are using debit and credit cards to transact with businesses every single day. It makes a lot of sense to provide a payment processing facility that can generate revenues from this fact.

But providing these facilities comes at a cost. A cost that should be reviewed from time to time.

• How much are you currently spending on accepting credit and debit cards at your premises or online store?
• Are you overspending on this facility?
• Could you be saving on these costs and in turn increasing profits?

There is plenty to talk about here, but if you want to get straight to the answers, feel free to simply scroll to the bottom and take our ‘Cost Savings Quiz’ for a spin. You could be saving on your merchant services and card processing fees in no time…

If you’re still with me… let’s move on.

I Don’t Currently Accept Credit or Debit Card Payments

If you’re not currently setup with any form of digital payment at your premises or online, consider reading some of our other articles to learn a little more about the opportunity and demand it presents:

• ‘The Importance of Digital and Card Payment Processing for SME’s in the 21st Century’
• ‘How SME’s Can Increase Revenue by Catering to Millennials and Rising Cashless Trends’ 

Make Sure You're Getting the Cheapest and Best Merchant Services Available in Ireland

The decision to provide easy to sue digital payment facilities to customers is down to individual business owners. But, if you’re a business owner who believes in providing customers with a number of payment options and increasing sales opportunities, it is likely you’re already accepting card payments, or have at least considered it as an option.

So, let’s assume you’re already accepting credit or debit card payments at your premises or online. And let’s also assume you’re currently setup with a merchant services company or alternatively a card reader payment facility, or online POS service.

Conducting Your Own Merchant Services Cost Saving Analysis

This sounds like a great idea. As with all aspects of business, it’s always important to review your expenses, resources and processes every now and then to ensure you’re being as efficient and effective as possible.

So, what makes the ‘best’ and ‘cheapest’ merchant services provider?

The best and cheapest merchant service provider for one business, won’t necessarily be the best and cheapest merchant services provider for your business. To find the most suitable card payment processor for your business, it’s important to consider your business needs.

Below are just some of the questions you might consider when deciding on the most suitable card payment processor or merchant service provider for your business. Over time business and customer demands change and so to will these questions. Consider your current setup and needs to determine whether you could be increasing revenues or saving on expenses when it comes to your current credit and debit card payment facilities.

Do you need an online payment portal?

An online payment portal will be important if you’re going to accept payments at your website or online store. You may be able to achieve additional savings on your card payment facilities if you’re planning on accepting cards both at your premises and online – If you can secure one supplier for both of these services you are likely to save on expenses and time compared to using two different providers for these services.  

Do you need your card payment terminals to be portable?

Portable card payment terminals will often be of great use and importance for restaurants, cafes and other premises where payments don’t necessarily occur at a service desk. Perhaps you currently use a wired payment terminal and have started to notice the restrictions the this can present.

Do you need to be capable of accepting contactless, android or apple payments?

Business owners or merchant service providers who haven’t yet upgraded to contactless ‘NFC’ enabled card processing devices, may have noticed a recent surge in demand for contactless payments. Customers may present their mobile phone or contactless credit or debit card only to be disappointed to be unable to complete their payment. Consider upgrading your card reader or payment processing terminals to benefit from this demand.  

How quickly do you need to be able to move payments from your terminal to your bank account?

Depending on which merchant service provider or payment processor you’re using, you may need to wait up to 5 working days to receive payments in your bank account. Others, you may receive your payment into your business bank with 1-2 business days. This simple process could play a crucial role in your everyday business growth depending on your daily cash flow position.   

How do the monthly fees affect your business over the course of the year? i.e. Rental, % processing fee, and so on.

Many early stage business owners choose credit and debit card readers and merchant service providers who do not charge a monthly rental fee. This can be a good way to get started but it may not be the lowest cost or most suitable option as your business grows. Many no-rental services or online payment processing services charge high percentage processing fees that can accumulate over the year. Depending on which payment processor you are currently with, it may be worth considering a review of your card processing expenses if you are turning over €1,500 + /month. You may be able to reduce overall expenses by renting a payment terminal that provides considerably lower percentage in payment processing fees.

The above are just some of the questions to ask yourself when considering a first-time setup, or much needed upgrade of your merchant service terminals or payment processing provider. Check out some of the many service providers available and the ask the important questions that relate to your business. Make sure you’re getting the best price and functionality that is suited to your current stage of business.

Merchant Services Cost Saving Analysis - Take The Quiz Now!

Click here to take the quiz now!

Now is your opportunity to save up to 40% with IOC Save’s merchant services cost savings analysis!

Take our Cost Savings Analysis quiz right now to see if IOC Save can help your business save up to 40% on credit and debit card transaction fees, whether trading online or at your business premises.

IOC Save are the leading independent payment processor in Ireland. Working on behalf of World Pay we provide some of the lowest cost payment processing facilities in Ireland. World Pay are the largest payment processor in the world, providing secure and reliable credit and debit card payment processing.

Take our Cost Saving Analysis quiz now to see if IOC Save can save your business up to 40% on merchant service credit and debit card transaction fees.