What Are Payment Processing Fees?
As a business, you are well aware of the sometimes outrageously high fees you pay every time you have to process a transaction online. High processing fees cut into profits, makes the cost of doing business more expensive, and can even put a crimp in your growth plans.
Think of it like this: Every time your company runs a credit card to capture a payment – whether online, in-store, mobile, or in the back office – you are giving money away. In some of the worst cases, you’re giving away money to more than one place, too. The percentages from these transactions can add up quickly and your bill will grow as your business grows. This cost cannot be reasonably avoided, but it certainly can be minimized.
By following these three steps, you can lower your credit card processing fees and keep a bigger chunk of your sales revenue. Budgets are tight, and that revenue can probably be utilized in much more beneficial ways than giving it away to a payment processor or software platform.
How to Lower Your Ecommerce Payment Processing Fees
Step 1: Get Off Shopify
If you’re a merchant using Shopify, you are no doubt painfully aware of its stranglehold on your freedom of payment processing choice. Sure, you can use something other than their preferred payment solution – but you’re going to pay for it. Specifically, you will pay transaction fees up to 3.15% or more on every transaction. Simply moving from Shopify to another robust and scalable ecommerce platform like BigCommerce can have a big impact on your bottom line.
Step 2: Pick Your Payment Partner
Through Blayzer’s partnerships with payment processors and merchant services such as North American Bancard, Sync Payments, and Square, we are able to help negotiate lower fees for our clients. We’ll get some information about your current situation and let you know right away whether we can save you money on processing fees. Once we know we can help you save, we’ll work with our partners to get the lowest rate possible for you.
Step 3: Make a Smooth Switch With Blayzer
Once you’ve selected your perfect ecommerce platform and are ready to make the switch, Blayzer will help you build your new store, migrate your data, set up your new payment solutions, and transition your business to a new era of lower fees and higher profits.