Business

Credit Cards: How to Negotiate Rates, Save Money and Please Customers at Your Archery Shop

Almost everyone carries credit cards. If you want their business, you accept their plastic. Research, call, compare prices and dig deeper to find the best processing deals.
Photo Credit: Shane Indrebo

Author: Cassie Scott

Almost everyone carries credit cards. If you want their business, you accept their plastic.

Those 3.3- by 2.1-inch plastic rectangles help customers keep a tidy wallet and protect themselves against fraud while allowing quick and convenient transactions. Even though credit cards make buying bows, arrows and other archery equipment easy for consumers, they can make small-business owners cringe.

That’s because accepting credit cards also means accepting processing fees. But if you don’t allow plastic, you usually lose sales. To prevent those losses, we’re here to help you find a processor that best suits your needs.

Even though credit cards make buying bows, arrows and other archery equipment easy for consumers, they can make small-business owners cringe. Photo Credit: Shane Indrebo

Save money on credit-card processing with these four tips:

1. Research, compare and negotiate.

Each processor advertises different rates. Although some offer low rates, they might have hidden costs. That’s why it’s important to call, compare prices and dig deeper to find the best deal. Most transaction fees can be negotiated and reduced based on volume. In the article “The Complete Guide to Credit Card Processing Rates and Fees,” author Amad Ebrahimi offers insights into various fees and pricing models. Read the small print in processing contracts to find penalties or unexpected costs.

2. Don’t lease credit-card equipment.

Reputable processors won’t try to lease you credit-card machines. Salespeople might try to talk you into leasing software or equipment, but it’s not worth it. According to the article “How to Get Lower Credit Card Processing Fees,” published on Business Know-How, most processing equipment costs $100 to $400, which is cheaper than leasing.

Retailers aren’t required to switch to EMV-capable card processing, but they could be held liable for fraudulent transactions made with EMV cards used on non-EMV-compatible systems. Photo Credit: ATA

3. Buy an EMV processor.

Whether you’re a first-time buyer or you need an upgrade, get an EMV-compliant processor. EMV credit cards contain an embedded microchip as an extra layer of security for customers. As mentioned in an ATA article by Shannon Rikard, retailers aren’t required to switch to EMV-capable card processing, but they could be held liable for fraudulent transactions made with EMV cards used on non-EMV-compatible systems. Read what other archery retailers say about switching here.

4. Set a swipe minimum or, better yet, a cash incentive.

An article on NerdWallet says it’s smart to impose minimum amounts for credit cards. Put up a sign that says you accept credit cards with a minimum sale of $10. If it upsets some customers, explain the costs for processing plastic. They might pull out paper instead. A post on CreditCards.com suggests you’ll benefit by “finding positive, inventive ways to build relationships and educate customers on the cost of credit cards.” Consider offering a contest with prizes for customers who use cash. Use the promotion to inform customers about professing fees.

Credit-card processing fees are unavoidable, but by doing your homework, you can find a processor designed to help your business excel.

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