If there is one thing all small business owners agree on it is that they are paying a lot on credit card processing fees. They are caught between a rock and a hard place when it comes to accepting payments from customers using credit cards. On one hand they have to accept credit cards from customers or stand to lose many of those valuable customers. On the other hand, the credit card processing companies charge them a fortune to be able to accept those cards. It is not uncommon for small business owners to pay 3-4% of the sales to credit card processing providers. We provided some tips to reduce credit card fees in earlier article. Is there anything more they can do?
Fortunately, the answer is YES! A new generation of entrepreneurs has come up with innovative solutions to help small business owners with the ability to accept payments without having to pay significant fees. These solutions also solve the problem for many small business owners who need to accept the payment on the without processing terminals as well as accept recurring payments. Think about businesses such as personal trainers or subscription services. They are too small to be able to afford high credit card fees. They are also not in a position to install the credit card processing terminals because many of them need to accept the payment while on the road.
