The word “risk” is a constant presence in business, but its role in decision-making has never been more pronounced than it is in today’s globalized economy. Banks are looking for new and more effective ways to protect the money with which they fund merchants, while business owners seek more efficient ways to reduce the risks of disputes or chargebacks in order to realize lower interchange costs and higher profits.
Several studies have shown that accepting credit card payments for goods and services tends to increase sales volume. Implementing card acceptance services has always come at a cost to bottom-line profits but, understandably, business owners would like the cost to be minimal. Enter Interchange Optimization!
Interchange Optimization and Its Benefits
Interchange optimization is a process that analyzes and evaluates each transaction to determine the lowest appropriate fee to charge for card-based transactions. It accounts for the type of card used, how it was processed, and other relevant data. Merchants that accept business credit cards often benefit the most from interchange optimization, as they usually save them between .05% to 1.10% on each transaction. To obtain the best interchange rates, the transaction details need to meet certain criteria, which are set by the card provider.
The Convenience of Interchange Optimization for B2B Merchants
For B2B (business to business) merchants, analyzing and using the data extracted from each card transaction is a complex and time-consuming process. Most merchants simply aren’t equipped to handle it. Interchange optimization provides a convenient and efficient way to process all this information. And with more companies using business cards in recent years, more merchants that accept those cards are reaping the financial benefits that interchange optimization offers.
The Importance of Using a Trusted Interchange Optimization Consultant
A strong interchange optimization consultant helps B2B merchants develop a solution that considers their specific payment acceptance needs. The more personalized the service, the better the end result for your business. Also, using a knowledgeable and experienced consultant to handle your interchange optimization gives you a greater opportunity to enjoy the lowest interchange rates possible. And, as a cherry on top, you’ll free up a significant amount of resources—time, money, labor—that can be allocated elsewhere!
CardConnect Goldcoast has been a leader in the payment processing industry for nearly 3 decades. We serve tens of thousands of clients throughout the United States, and over 100,000, in total, globally. Our payment solutions are known for their security—we’re the trusted provider to several of the world’s top brands—and they’re applicable to any business in any industry. Contact us today online or by phone (800) 823-2131 to learn how your business can take advantage of the best interchange optimization service and pricing in the transaction industry today!