Optimize payment processing costs for your clients with the right partner. Learn how to choose a payment company aligned with your target market and offering tools for cost control.
Sure, integrating a payment platform like Stripe might seem like a quick win to offer payment options to your clients. But is that all there is to consider? While fast implementation is a plus, the real deciding factor should be the payment company's fee structure.
Enterprise-focused fees might work for high-volume businesses, but they can crush smaller merchants. Conversely, per-transaction fees could have the opposite effect. The key is to ensure your payment partner aligns with your target market and offers processing they can afford.
If your primary concern is simply easy integration, you might not end up with a partner invested in optimizing rates for your clients. Look for a provider willing to work with you to find the best pricing options.
Also, consider whether your payments partner offers tools and services that help your clients control their processing costs. Cash discount programs, for example, incentivize customers to use cash, lowering credit card fees for your clients. Surcharging allows merchants to add a small fee to cover processing costs when customers use credit cards.
Of course, offering cash discounts or surcharges requires following state laws and card brand regulations. This means clear signage informing customers and receipts reflecting the surcharge or discount.
Partnering with a payment company that supports these programs and offers the tools for compliant implementation is a win-win. It helps your clients operate more profitably and strengthens your relationships with them by providing valuable solutions.
For more information, download our ebook The (Not So) Secret Ingredients of Successful Integrated Payments or contact us.
