If you have a business that accepts credit cards or checks, you have a payment processing system that holds a contract. This contract sets the terms of the services, including pricing, for your payment processing system. However, like every service contract, your payment processing system contract should be reviewed annually.
Learn about the three most important benefits of conducting a review of oyur payment processing system.
1. Reviewing Your Payment Processing Contract Can Save You Money
When you signed your payment processing contract, you may have been quoted what seemed to be a reasonable rate. You may have thought that the rate you were quoted was the average in the industry. The truth is, it may be a reasonable rate. It may be the average for the industrty. However, it may not be the best rate possible.
You may be paying a higher rate than the lowest rate available. You may be paying for services and bells and whistles you may not need. You may be paying for things you do not even have equipment to utilize. As a result, you may be overpaying for your payment processing services.
A review of your contract can find these overpayments and help you find a better cost alternative.
2. You May Find Services You Can Eliminate
As mentioned above, your original contract may include services that you no longer need. Worse yet, it may contain services you never needed in the first place. These services and options are not free. They raise your prices. Even if they are free, they are unneceessary and may cause other complications.
A review of your services contract can help you determien if you have unnecessary services. It can provide oyu the infromation you need to remove the services and make your payment process system more efficient.
3. You May Find You Don’t Have All the Services You Need
On the flip side, you may find that you do not have all the services and add-ons your system needs to serve your business effectively. You may not have the ability to accept checks. You may not have online options. YOu may find you are missing touchless payment options.
A review of your contract will help you determien if you re missing options from your payment processing services. It can give you the knowledge to ensure you are getting all of the bells and whistles you need to accept payments for your company.
Tanker Consulting Services is happy to conduct a free written analysis of your payment processing contract to ensure it includes everything you need and nothing you don’t. Call us today at 609-922-0201 for your free review.