THE SHOP

Recognized Supplier Guide '19

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14 THE SHOP AUGUST 2019 W hile there are many things that separate one credit card processor from another, pricing is a huge factor that has an immediate impact on you, the mer- chant. However, with more than 1,200 separate interchange rates, the age-old question of "What rate do you offer?" requires a much more detailed response. Several factors affect the actual cost of accepting payment with a credit card— industry, customer card type, processing method, settlement time, etc. Many vari- ables impact what your customer's card actually costs you. So, how do you lower your rate when processing credit cards? WAYS TO LOWER YOUR RATE Just because there are more than 1,000 different rates, and numerous factors that impact the cost of accepting any given credit card, doesn't mean you are helpless in reducing your costs. There are definitely best practices that can help you reduce costs and improve your bottom line. Here are four ways to lower your rate when processing credit cards: WAYS Several factors affect the actual cost of accepting payments. By Shannon Walcott LOWER YOUR RATE When Processing Credit Cards to 4

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