Where is All My Money Going?

We’ve talked about it before – One of the most important success factors of any business is funding and cash flow! Perhaps you’ve set in place the perfect plan of action for your business - Sales are good (but more sales are always helpful), and expenses are kept to the absolute essentials.

You’re doing well but there’s always room for improvement. Additional cash flow would help you to take things to the next level…

But to create more sales you may require additional marketing budget, or maybe even brand-new products or services! That’s just not an option right now. So, you’re forced to look a little deeper to find that extra cash. Cash that will make a real difference to your business…

That’s easier said, than done…

But luckily, every now and then there’s that very rare occasion when the answer just lands square on your lap. Perhaps in an article written by a helpful merchant services company that just happened to be right on time…

Let's get down to the crux of it – Additional sales aren’t always the answer to increased cash flow. You could be over-spending on services, business tools or products that up to now seemed like totally good investments.

And maybe they were…

But as you grow your business its always a good idea to take an over-head view of your current investments and ensure everything remains fit for purpose.

One area we suggest looking at is your credit and debit card reader and payment terminal fees. Take some time to review your costs and ensure you're getting the cheapest fees on your card payment device to suit your business needs.  

When Should I Review My Card Terminal Fees?

If you currently accept credit or debit card payments in your store or online, we suggest taking a look at your yearly total expenses and fees. Review your terminal fees provided by your merchant service provider or payment processing partner. You might just find that as you grow your business, so too are your payment processing fees. This is of course normal when paying % fees on transactions but now could be a good time to shop around and ensure you're receiving the best rates.

If you’re not yet accepting any form of credit or debit card payments we would suggest taking a minute to understand just how much revenue potential your company may be losing out. Try to avoid missed payment opportunities as the demand and expectation for cashless payments continues to grow rapidly.

The Problem with Choosing a Suitable Card Payment Processor

The major problem that many SME’s in Ireland face when choosing the cheapest payment processor or merchant services provider can in often be more about timing than pricing. There are lots of different options available to businesses with various fee schedules and payment plans. But just like that long lost schoolyard crush, 90% of the time your first choice for business start-up isn’t always the best choice for your business going forward.

Many small companies start out with card machine providers where payment terminals have no set monthly fees - This can be a low cost option if you’re just starting up and do not expect to transact very much in the beginning.

However, many small business owners are not aware that as they grow the commission fees being charged on their transactions are skyrocketing their overall costs due to the high % fee on credit card, debit card, and contactless transactions.

How to Know if You're Paying Too Much in Payment Processing Fees?

Often, merchant service payment terminals, card readers, and eCommerce payment portals that do not charge a monthly fee, come with much higher transaction charges of 2.5%+. These often carry additional fees charged per transaction.

For early stage businesses this is usually not a problem and is often suitable  - until your monthly revenue begins to increase.

In fact, if you’re transacting more than €1,800 /month in debit or credit card transactions then you could be spending way above the odds in payment processing fees.

Its Not You… Its Me…

We all love the sound of ‘no monthly fees’ and ‘free setup’. And why wouldn’t we… It’s a great way to start out.

But at the end of the day (or more importantly, your fiscal year), when it comes down to fees and transaction costs, the most important number is found at the bottom line.

If your business has grown since the early days or you expect to transact anywhere around €1,500+ /month it may be a good idea to shop around. Merchant service providers tend to offer much more competitive pricing when successful SMEs and brands reach transactions of €400+ /week.

If you’re processing transactions of this amount and you’re not currently absolutely over the moon with your fees or haven’t yet spoken to a top-quality merchant service provider, we urge you to take a look around the proverbial school yard and see if perhaps your requirements have matured.

Finding the Best Rates for Your Business

If you’re interested in finding the lowest cost credit and debit card payment terminals in Ireland you’ve arrived in the perfect place. IOC Save are Ireland’s lowest cost merchant service provider, saving our clients up to 40% on credit and debit card transactions.

We provide some of the cheapest credit card terminal fees in Ireland. Serving a wide range of small to medium enterprises across Ireland we are passionate about providing excellent customer service and value to all clients

At IOC Save we pride ourselves on being one of the best merchant services companies in Ireland. We offer some of the lowest rate transaction fees and work with World Pay Europe to provide the most secure and reliable service. IOC Save provide everything your business needs to accept credit card and debit card payments. We provide your card payment device, offering a selection of portable and counter-top machines to suit your business needs.

If you’re interested in benefiting from the cheapest card terminal fees for small businesses in Ireland please get in touch. We would love to show you how we can help you to decrease expenses and increase cash flow in your business!