Business owners have long believed that processing fees were just a regular cost of operating a business. After all, being able to accept credit card payments is necessary in this day and age to have a successful company.
With this being said, not all credit card processors are created equal. After many years in operation, a business could be spending thousands on processing fees with no other benefit than allowing them to continue accepting payments.
While this is no doubt a necessary business function, do you know just how much processing fees are costing your company? You may be surprised to find out the exact amount – but no need to worry, we have a solution that you're sure to be interested in.
What is a credit card processor?
Ultimately, all credit card processors accomplish the exact same thing: They allow you to process credit cards and deposit those funds into your bank account, usually within a day or two. Considering that credit card use has been steadily increasing over the past year according to the American Bankers Association, it's important to have this option available to consumers.
Most businesses partner with a merchant service provider who, for a fee, acts as a middleman between the merchant and credit issuer. This is beneficial because they will handle the processing of all credit card payments, but prices can vary greatly due to additional costs.
The cost to your company
On average, Value Penguin reports that credit card processing fees amount to around 2% of each purchase. While this may sound miniscule, those costs add up over time with additional fees.
The three types of fees that make up the overall credit card processing fee, Fundera explains, can impact the amount you pay:
- Transaction fees: Your fee per transaction which is made up of the interchange rate, assessment fee and payment processor markup. Basically, how the bank profits along the way which is presented in one fee.
- Flat fees: The fee you'll pay for working with a merchant service provider, which is usually paid on a monthly basis.
- Incidental fees: The fees charged by your merchant service provider in certain occurrences, like a chargeback or insufficient funds.
All together, processing fees can cost your business hundreds, if not thousands of dollars a month depending on your income, all for simply delivering deposits to your bank account.
Exectras has the solution
If you're now wondering how you can pay less in processing fees while receiving more benefits than just accepting credit cards, look no further than Exectras' Merchant Services Program. Almost a decade ago, our leadership team realized that businesses weren't receiving value beyond being able to accept credit card payments with their merchant processing dollars and vowed to make a change.
With our one of a kind Merchant Services Program, you're guaranteed to pay less than you're currently paying while receiving more. Our merchant processing is at true interchange cost and bank fees, and you can expect:
- $0 Statement Fee
- $0 Discount Fee
- No Annual Fees
- No Batch Fees
- No Termination Fee
- No Hidden Fees
With these services alone our members save, on average, over $430 a month!
Additionally, a free Exectras membership is included with our Merchant Service Program. This gives your business access to Fortune 500 employee benefits and discounted world class business services from America's leading providers. You don't need to worry about saving nickels and dimes on your transactions because you know you're receiving the best rates and value with Exectras.
The best part – your processing fees will never increase.
How it works
This may sound too good to be true, but the team at Exectras has worked hard to make it happen. We are not a processing company. We are a membership company that researches all providers across the country to give members the best services, programs and pricing structures in America.
We use the unprecedented buying power of over 800,000 businesses nationwide to negotiate the deepest discounts available for business services and benefits from our Fortune 500 partners. As long as you utilize our services, they will pay for your free membership.
The best way for a small-business owner to save money is to have more time to dedicate to the core of their business. Not only will you be saving on processing fees and benefits, but you can focus your attention on the business functions that need it the most without sacrificing the experience of your customers and employees.
To see how much our no markup Merchant Services Program could save your business, try out our cost savings calculator. We have completely redefined the value a merchant processor brings to your business, contact the team at Exectras to set up a consultation today.