Show Notes

Save Money on Merchant Processing Fees

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If you’re a small business and you need to save money, listen up to this.

Cheaper Options for Merchant Processing Fees

A company I’ve talked about a few times, Square, has become a huge player in allowing any small business to take credit card payments on the go.

Square offers a plug-in device that can be used with most Apple and Android devices to process credit card transactions anytime, anywhere. There’s no monthly fee, no contract and the plug-in device itself is free. You simply pay 2.6% + $0.10 on every swiped transaction.

Another alternative is PayPal that works with compatible smartphones and tablets, and you pay 2.7% per U.S. card swipe.

Meanwhile, a third competitor is Intuit’s QuickBook GoPayment. It’s another free piece of hardware. The merchant fee is 2.4% + $0.25 per swipe for low-volume users and again you can process payments right there on the spot.

I love these new developments because they can be a potential saver for those with irregular transactions. Yet they’re not the best way if you do high dollar ticket transactions. In that case, you may want to look at the merchant processing offers through Sam’s Club or Costco Wholesale.

This post was last modified on March 28, 2023 10:29 am

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