How the Right Credit Card Processor Can Maximize Profits this Holiday Season
Is your business ready for the holiday season? Do you have plans in place for sales and advertising, and a good amount of inventory? While getting plans into place and stocking your inventory are important, you may be forgetting one more important thing for success- the right credit card processor. As you enter a season that is full of opportunities to increase your sales, make sure that your company is on the right track. Here are all of the different ways that choosing the right credit card processor can maximize your company’s profits this holiday season.
How You Pay Your Fees
The right credit card processor will not eat up your potential profits by charging you hundreds, if not thousands of dollars in fees. You must consider the flat rate that is charged, as well as the percentage that is charged on transactions. If you have a lot of small transactions (imagine you own a coffee shop and have transactions that are only a few dollars each), then you will lose a lot of money if you are charged a flat rate for each transaction. Additionally, if you have a lot of high transactions, then you would lose more money paying a percentage of fees than you would with a flat rate. Before you choose a company, consider the way that you make your money, as well as your average transaction amount. Then choose the one that can help you profit the most this holiday season.
Have you ever taken a credit or debit transaction, tried to collect at the end of the week, and learned that your customer’s bank account did not have enough to pay the bill? When you choose a credit card processor that instantly authorizes transactions, this will not happen. You can maximize your profits by ensuring that you get paid every time that a card is swiped at your place of business. You also do not have to change your collection date to take advantage of this- the credit card processing company will set the funds aside until you collect all of your transactions at the end of the week.
Another trait you should look for in your credit card processor is the ability to increase efficiency within your business. The right processor will increase efficiency in two separate ways- by helping you service customers more quickly and by reducing the amount of time employees must spend at the register, waiting for sales to process. When customer service is more efficient, customers are more likely to have a good experience and return to make more purchases. When your employees spend less time at the register, they have more time that they will be able to focus on other tasks, which will reduce the number of hours of work that you have to pay for.
Better Response during Peak Sales Times
Whether it is the holiday season, in general or just a specific time of the day that you experience a sudden peak in sales, having a great response time is essential. The right credit card processor, such as Fattmerchant, will process card payments quickly, allowing you to move customers through the line faster. Not only will this improve the customer’s shopping experience, it allows your business to service more customers during peak periods. This allows you to make more sales during a specific time, which is a critical thing to be able to do during the holiday season. This is especially true if you have any days or times set aside for holiday sales or discounts.