MBA1010 Q&A Wednesday: How can I save money with my payment processor?

The $100 MBA Show

Omar Zenhom

Entrepreneurship, Business, Careers, Marketing

4.8 • 2.2K Ratings

🗓️ 23 May 2018

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Payment processing fees are part of the cost of doing business. But does the cost have to be so high?

Nope. It doesn't. Depending on your business, you may be able to finagle more preferable transaction charges, lowering the percentage of revenue you lose to payment processing. There are ways to save, without comprising service or customer security.

You just have to know how.

Today, we discuss how to cut down your payment processing budget. While so many business owners assume they simply have to accept their payment processor’s terms, the truth is that transaction fees — like anything — are negotiable. Plus, your payment processing structure can be altered to save you even more.

Learn how to improve your bottom line, by gaining the leverage you need to bring your payment processor to the table. Click Play!

Transcript

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0:00.0	Heyo! Welcome to the $100 MBA Show, the business podcast that knows how important your business is to you.
0:15.2	That's why we deliver daily 10 minute business lessons for the real world.
0:19.2	I'm your host, your coach, your teacher, Omar, and home.
0:22.8	I'm also the co-founder of the $100 MBA, a complete business training and community online
0:28.0	over at 100MBA.net.
0:31.2	And today's episode is a Q&A Wednesday episode.
0:34.0	On our Q&A Wednesday episodes, I answer a question from one of you, one of our listeners.
0:38.0	Today's question is from Neil.
0:40.0	If you have a question you want to ask just email me at
0:42.8	Omar at 100 MBA.net. So in today's episode we're going to answer
0:47.4	Neil's question and that question is how can I save money with my payment
0:52.2	processor all of us who are in business who are How can I save money with my payment processor?
0:53.0	All of us who are in business who are accepting payments online or even in our storefront.
0:58.0	Using something like Square or PayPal, they use that little gizmo that allows you to kind of swipe the card and make transactions
1:05.1	on your iPad.
1:07.1	We all have a way to process payment.
1:10.2	These services are called Payment Processors, and they charge a fee, usually a percentage of the sale, along with a standard fee.
1:17.0	In today's episode, I'll be answering his question and giving you some options on how you can save some money,
1:23.7	depending on what you actually sell, how much you sell a kind of product or
1:27.8	service, your price point, all that kind of stuff.
1:30.1	A lot of people just kind of forget about these fees that they're charged with their payment processor
1:34.8	and never really trying to lower their fees.
	...

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