Technology is a major asset to small, medium, and large-sized businesses. It has the power to transform a company’s infrastructure and operations. Many businesses rely on technology that is functional, reliable, and transparent. Unfortunately, a lot of digital platforms that deal with commercial transactions have a tendency to take advantage of merchants. How exactly do they do that? Hidden processing fees.
Hidden processing fees are unexpected costs incurred by a merchant when completing a commercial transaction. Merchants typically need to pay a flat fee to accept a credit card payment; however, hidden fees are not included in that predetermined flat cost. Credit card processing companies will sneak these “small print” fees into any one standard transaction or administrative change. That way, merchants will not be able to spot an accrual of hidden fees until reviewing a weekly or monthly statement.
Hidden fees can include:
- Statement Fees – Fees paid to the payment processor for receiving digital or paper statements.
- Refund Fees – Fees paid by the merchant if a customer initiates a refund.
- PCI Scanning Guideline Fees – Fees paid by the merchant if his or her account is not in compliance with the Payment Card Industry (PCI) Data Security Standard guidelines.
- Business Card Fees – Fees paid by the merchant for participating in transactions with a business credit card.
- Startup Fee – A one-time fee paid by the merchant to the payment processor for opening a merchant account.
- Cancellation Fee – A one-time fee paid by the merchant to the payment processor if a contract is terminated before its useful life.
- Terminal Purchase Fee – A one-time fee paid by the merchant to the payment processor for buying a credit card terminal or point-of-sale (POS) terminal.
The key to accepting credit card payments is to partner with a payment processing platform that understands the needs of business owners. Payment processing technology should be a trustworthy aid – not a disloyal associate. No matter the size of your business, a practical payment processing strategy will be a great asset to your company’s growth. Specifically, tradespeople need a payment processing tool that charges reasonable fees without secrecy or malice. That payment processing tool is ToolBox Payment, also known as ToolBox.
As the leading payment processing application for home service contractors and tradespeople, ToolBox promises transparency and functionality with each commercial transaction. ToolBox extends a transparent flat fee of 2.58% +.10 for face-to-face transactions and 3.50% +.15 for card-not-present transactions. Merchants will immediately see what is charged to their business account with each transaction. There are absolutely NO hidden fees. Best of all, merchants will enjoy next-day funding once a transaction has been accepted.
Your money is safe with ToolBox Payment. Learn more about how this top-of-the-line app can help your business by visiting our website.