As a business owner, you know the importance of keeping costs low. If you want to grow your business and make more money, then you need to be smart about how you spend your money. That’s why it makes sense for many businesses to switch their merchant processors to a provider like PlatformPay.io in order to save on fees and other expenses.
Reduced fees.
One of the biggest benefits of switching to a new merchant processor like PlatformPay.io is that you will be able to save money. You’ll have lower fees, which means you can keep more of your money and pass on savings to your customers. According to CreditCards.com, “the average cost of using a debit card was 25 cents per transaction in 2021.” That’s likely gone up since then, so it makes sense that merchants would want to reduce their fees as much as possible.
There are also many other ways in which switching merchant processors can help businesses save money.
Lower minimums with PlatformPay.io
Minimums are based on your monthly processing volume, so if you sell a lot of things, the minimums will be higher. However, most merchant processors have lower minimums than banks. This means that even if you don’t have a ton of monthly processing volume yet, it’s still possible for you to get started and grow your business with a digital processor.
Low fees and no interchange fees mean more money in your pocket when you start accepting payments online.
Scalability.
As a business owner, you want to make sure your company can grow and expand as needed. You don’t want to be stuck in a situation where you have to choose between two options: either limit the size of your business or make room for growth by taking on a lot of debt. With our merchant processing services, we offer an option that provides both scalability and funding.
When it comes time for you to expand, we will work with you on an individual basis so that there are no surprises when it comes time for expansion. PlatformPay.io can advise you about what kind of equipment could be most beneficial for the size of operation that is expected. In this way, we can help ensure that your business continues to run smoothly no matter what happens in terms of growth needs.
Global transactions.
Global transactions are a huge benefit for digital businesses, as well as other businesses that sell in different countries. Global transactions allow you to receive payments from customers anywhere in the world.
Digital businesses can also benefit by processing credit cards and other payment methods abroad, expanding their reach outside of their home countries or local areas. The ability to process payments from a global audience can help with reaching a wider audience, expose you to new audiences, and even increase revenue by attracting new customers who wouldn’t have otherwise made an online purchase.
Save money and make more with a different processor
You’ll also have better access to services, such as fraud protection, mobile payment processing and ACH processing. You can even use an online terminal if you want! Additionally, you might be able to lower or eliminate your minimums by switching merchant processors. This is because some companies offer lower rates for higher risk businesses like yours (and they don’t want those risks associated with their name).
You could also save money on transaction fees by using a different processor. According to our data, the average credit card rate is 2.6% plus $0.15 per transaction with a maximum of $500 in fees per month—but these numbers vary widely depending on which processor you choose and how much volume you process through them each month (and what kind of customer they’re targeting).
Merchant processors like PlatformPay.io are a critical part of any business, and it’s important to find one that fits your needs. Whether you are just starting out or have been in business for years, there are many reasons why switching to a new processor could benefit you. Hopefully, we have given you some ideas about how this could work for your business too. If you’re serious about switching processors check out https://platformpay.io/ for more information or to reach out to their sales team.
