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Did you know US merchants pay $90B yearly in credit card fees? While many merchants feel expensive card processing fees are simply an unavoidable cost of business, PayTrace merchants know there are options to recover and reduce the cost of accepting credit cards: surcharging and interchange optimization.
By working with our B2B payment experts and implementing these two features, PayTrace helps alleviate the overall burden of accepting credit cards, while lowering their corporate card processing fees. Let’s look at each in more detail.
TO DIVE DEEPER, WATCH: INTRODUCTION TO SURCHARGING
Merchants can reduce total costs of payment processing when they pass credit card fees on to buyers via an added surcharge — up to 3% of the total transaction amount. With surcharging, the expense of credit card fees is passed on to buyers. PayTrace merchants utilizing our fully compliant surcharging solution save big – with no additional work required from in-house accounting teams.
Surcharging enables merchants to seamlessly recover up to 3% of each eligible transaction.
PayTrace automates and guarantees surcharging compliance, eliminating the complexity that can come with surcharging regulations that vary by location. It also calculates exact credit card transaction fees to transparently display the surcharge to your customer on the checkout page or payment form.
“There are a lot of rules and compliance issues surrounding surcharging,” explains Sam Johnson, customer success manager at PayTrace. “Businesses that try to implement home-grown surcharging programs often are not in compliance and are starting to face fines.
With PayTrace, our surcharging program handles risk and technical compliance for you, so that you can focus on your business and stay profitable.”
Through interchange optimization, the PayTrace platform automatically helps qualify eligible B2B/B2G transactions for reduced Level II and III credit card processing fees with the major credit card companies.
Interchange optimization can reduce PayTrace merchants’ credit card transaction fees from higher than 3% to below 2%.
PayTrace interchange optimization delivers big savings and provides a huge benefit to your AR workload. By automatically providing the additional transaction details that are necessary for savings, this standard PayTrace feature lowers merchants’ costly processing fees with zero effort from your accounting team.
Best of all, PayTrace’s omni-channel solution automatically helps qualify transactions regardless of where they are processed. Online, in-office POS, mobile, or through an accounting software, CRM, or ERP application, all payments processed can save with interchange optimization.
Learn other ways PayTrace automation saves your team time, effort, and money.
PayTrace surcharging is an easy-to-implement digital solution that has an immediate impact on margins by enabling you to recover up to 3% of your credit card processing fees. And for merchants accepting corporate credit cards, interchange optimization can lower processing rates from more than 3% to under 2% on transactions that qualify for reduced Level II and II processing fees. Using both features is a simple and effective way to greatly reduce overall processing costs.
To sign up for surcharging, simply work with your PayTrace merchant service provider.
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