How Much Are You Paying for Credit Card Processing? A Guide to Arm Yourself with The Knowledge of Payment Processing
By Chris Austin, President of Ardiah Managed Services
In the fast-paced world of small business, accepting credit cards has become more than just a convenience—it’s a necessity. However, the payments industry lacks the regulation seen in other financial services, posing a significant challenge for small businesses. This is the driving force behind my involvement in the payments industry nearly a decade ago.
As a former banker, I often found myself coaching business clients on cash flow. The initial meetings were often marred by the clients’ struggle to understand certain line items on their financial statements, particularly those related to fees. Upon closer inspection, it became evident that most clients lacked access to information about their payment processing statements and how they were being charged.
It became clear that the complexity of accessing and understanding payment processing information was at the root of the problem. All processors needed to show were volume, deposits, and overall fees. However, the methods used to arrive at these numbers remained a mystery for most small businesses. It took me years, not days or hours, to decipher the majority of statements and resources available.
At Ardiah Managed Services, we have developed a method to uncover what businesses are currently paying, breaking down costs into categories such as “interchange,” “PCI,” “Discounts,” and more. Through our analysis, we’ve identified practices such as overinflating interchange, charging swipe fees for chip cards, gradual increases from processors, and service fees for unnecessary services.
Now, you might be wondering how you can determine what you are paying for credit card processing. The solution lies in partnering with a company like ours. We assist you in obtaining your statements and conduct a comprehensive analysis of your current costs. By understanding how you accept payments and your desired improvements, we provide a comparison of what you should be paying and offer tools to enhance your credit card acceptance process.
While many claim they can save you money, the key lies in whether those savings are long-term or temporary. At Ardiah, we not only aim to save you money but also to put you in a better position than where we found you in terms of accepting payments. We devise a plan for your future payment models, ensuring sustained improvements.
If you don’t now what you are paying or would like clarity around your current processing costs, we would be happy to conduct a complete analysis for you at no cost. Additionall, we’ll take the time to understand how you are accepting payments and gather insights into your business. As prt of our committment to transparency, we offer a free consultation session to discuss how you accept payments and how potential decisions in that process coud impact your costs and solutions that could actually save you money while improving your effeciencies. Let us guide you through the intricacies of payment processing, armed with knowledge and a dedication to ensuring your long-term success. Reach out to us, and let’s embark on this journey together! Warm regards,