Provide a return on investment 3 big ways to reduce payment costs and win more business

In today’s economic climate, small and medium-sized businesses are facing a myriad of challenges, including supply chain issues, staffing shortages and rising costs due to inflation. The pressure to offer an exceptional customer experience while reining in costs is real. However, there are small adjustments you can make to existing business processes that drive value for your business. Every expense analyzed for efficiency and brought under management drives money straight to the bottom line.

Stop spending so much to get paid

The cost of payment acceptance has risen a whopping 70% since 2010.1 The increase is due to several factors including:

■ Proliferation of rewards cards

■ Rise of commercial cards

■ Shift to digital card-not-present (CNP) payments

■ Interchange rate increases

■ Card brand network fees and assessments

For many businesses, credit card acceptance costs are often the second highest cost behind payroll.2

Calculating the total cost of accepting payments is so complex that many business owners have no idea how much they are spending. In fact, there are more than 300 interchange categories and multiple ways that providers levy rates and fees.

How to win and retain more business with payment optimization solutions

Payment optimization encompasses a variety of solutions and programs that reduce or offset credit, debit, and commercial card acceptance fees for payments made in person, online, via mobile device or over the phone.

Optimizing payments calls for a holistic approach that analyzes factors such as merchant segment, customer profile, payment types accepted, purchasing channels and payment capture entry mode. By identifying the solutions that work for your business you can lower the cost of card acceptance and receive a significant impact on your business operations with minimal to no investment.