Even a Small Percentage Matters When Processing Payments
E-Commerce is now a big business. Pretty much every business-to-consumer business, or B2B must now have an eCommerce section. It’s the only way to remain competitive in an ever-changing business landscape. With the growing importance of eCommerce, it only makes sense that credit card processing has grown in importance too. The credit card processing company that a business chooses can make all the difference when it comes to the quality of service and operational expenses. Not to mention the seamless experience that the customer receives when making a payment.
However, you might notice that in most cases, the cost difference between different payment processors is usually negligible. For a businessperson, this leads to the question, is choosing one payment over the other based on transaction costs worth it? The answer is yes. To understand why, let’s go through some reasons why even a small percentage can mean big savings when processing payments.
The amounts are significant when done at scale
When viewed in the context of one-off transactions, the cost differences between card processors may seem negligible. However, when put in the context of thousands or even millions of daily transactions, that’s where you start noticing all the difference. Those minor differences in transactions can add up to thousands of dollars in cost savings. The saved money can open up a whole lot of opportunities in ways that a business owner may not have anticipated.
For instance, if at the end of the financial year the business has a significant amount saved, it can distribute it to employees as a token of appreciation for their good work. In HR, monetary incentives are among the ways to keep employees motivated. A motivated workforce is essential to the success of any organization. That saving on fee percentages that appeared small in the beginning could exponentially grow revenues.
On top of that, the cost savings, if they are high enough, can be used to make new investments. For instance, the company can use the cost savings to fund more efficient customer service technologies. This can draw in more clients and also help retain the existing ones. In the long run, this can make a huge difference in growing market share. Other investments that can benefit are in R&D. If the amount saved from payment processing is high enough, it can be channeled into quality research that can transform a company through breakthrough products.
It can be used as a marketing tool
One of the best ways to attract and retain customers is to give them discounts. An easy way to easily give customers such discounts is to find a low-cost payments processor. To maximize the returns of such a move, a company can market its services in a way that accentuates the cost savings that come from using its payment processors. This can have a huge impact on drawing in new clients and driving up revenues in the long run. Price is one of the most powerful tools in advertising and one that a business can capitalize on to drive revenues.
With all the above benefits, it makes sense for a business to go for a low-cost payment processor, provided the services are of good quality. One of the best payment processors that meets this need is JJS Merchant Services. This company offers its services at a more competitive rate than most other payment processors in the market.
Besides its cost, this payment processor has several other advantages that make it a viable option for processing payments. For starters, it handles all types of transactions, even those that may be deemed high risk. This is important because it ensures that you can conclusively take care of all your customers. In most cases what banks consider high-risk transactions are simply transactions that originate from new business models. In essence, if you have a business that is constantly innovating, you need a payment processor that understands the ever-changing nature of the business environment and JJS Merchant Services is one of the best.
Secondly, the company offers several other services that businesses might find useful. For instance, it offers ach and checks processing, gateway services and pre-paid card services. These are services that every business that handles online transactions requires.
Last and most importantly, this company offers an amazing support service. The company has an online support service that is always available at the customers’ needs. The company is also very responsive to its email.
It’s the perfect payments partner, and with some of the best rates in the industry.