Did you know that the inventor of the first bank-issued credit card is John Briggs? He’s a former banker from New York State.

Are you a business, and are tired of wracking up credit card processing fees? Those fees cut into your profit, and cause you to earn less than compared to those who pay with cash.

Is there a way to lower those fees you might wonder? In this article, explore all about those pesky credit card processing fees, and if there’s a way around them. Read on to discover these tips and tricks you won’t want to miss out on to save more of your hard-earned cash.

What Are Merchant Credit Card Processing Fees?

If your business accepts credit cards for purchases, there will be what’s known as a processing fee. Since it can add up quickly, some companies will reward those paying with cash by offering a slightly lower rate.

The added fee for credit card users is known as credit card surcharging. Processing fees include payment processor’s markups, interchange fees, and service fees.

What Are Assessment and Interchange Fees?

Your interchange rate is what tends to make your credit card processing fee as high as it is. This is the fee that the acquiring bank pays to the issuing bank when someone makes a purchase. They’re normally a portion of the sale amount, or a percentage plus a fixed rate.

Some factors can make them vary such as how you process your payments, the card’s brand, the merchant, and type of card. Each purchase will also have an assessment fee. The assessment fee is how the card’s networks make money. In addition to these, there’s an additional fee that you’ll need to pay to your payment processor for services.

Repeated Costs

You’ll have rental fees or terminal leases on a recurring basis depending on the processor. Certain processors will have you sign a long-term lease or rent for a period of time.

You might have an annual or monthly fee. There might be a minimum processor fee every month as well.

1. Payment Terms and Processes

First, it’s a good idea to look around for a payment provider, and don’t just go with the first option. Do a comparison, and take a look at the different phrases and words you’ll see for each option.

2. Shop Lowest Markups

Next, take a look at different markups. Since there are many factors that’ll go into the different rates, it’s a good idea to take a look at what’s negotiable, and what’s not. For example, assessment and interchange fees are non-negotiable elements.

Markups can be controlled. This is the amount you pay in addition to fees that go to card networks and banks. It’s a good rule of thumb to not go by rates, but instead, by markups.

Processors should be able to tell you the markup rate, and if they can’t, that’s not a good sign. You’ll want to identify those who have a smaller markup since rates don’t give you a full understanding of the cost.

3. Lower Fraud Risks

In order to lower your rate, you’ll want to reduce your risk of fraud. When you have a higher fraud risk, you’ll receive higher processing fees.

Never key in the card information since that increases your risk of fraud. Instead, swipe credit cards. Swiping the credit card has a lower risk of fraud.

4. Address Verification

When you can, it’s a good idea to enter the security code and billing zip code. Address verification will verify the address of the cardholder which will reduce your risk of fraud.

You can set up an address verification service in order to check the cardholder’s address. This is great in reducing chargebacks as well.

The way an address verification service works is, your potential customer will enter their address. The service will do a comparison of that address, to the address on file with the bank.

You as the merchant will then receive a code to either reject or authorize the transaction. Certain companies will provide lower interchange rates when you have this service.

5. Speak With an Expert

If you’re looking for a credit card processing fee calculator, it’s a good idea to speak to an expert. Speak with a credit card processing expert to have a better understanding of the process and different fees.

Many processors will buy their rates straight from a credit card company and have the potential to resell these rates to other companies. This means that you don’t have to always switch vendors to receive a lower fee. An expert can look into a lower fee for your current service.

6. Negotiations

You can negotiate credit card processing fees by showing your transaction volume to the experts. The more items you sell, the more a credit card processor will make. Due to this, they’re more likely to reduce the cost of your fees based on the current volume of your sales.

7. Don’t Wait

Don’t delay on lowering your credit card fees today. When you wait to obtain a lower rate, that means higher fees you’ll be paying overtime, and less of a profit for you.

Understand how the industry works, and know your payment metrics before proceeding. Determine the pricing model you like best, and then speak with the different vendors.

Exploring How To Lower Credit Card Processing Fees

Now that you’ve explored how to lower credit card processing fees, you should be ready to obtain lower rates than you currently have. Would you like to read more business content? For everything from business to money, check out our other articles today.

Structured settlements were originally adopted as a way to protect settlement recipients. Yet today, nearly 40 years after they became common, structured settlement annuities remain poorly understood.

If you’ve been awarded a settlement or are considering one, here are the key benefits you need to know about.

What Are Structured Settlements?

Structured settlements happen when you sue someone and either win the case in court or agree to settle out of court. The defendant agrees to pay you a total amount of money, say $400,000. Instead of paying it to you all at once, they pay a qualified third-party company.

The third-party intermediary then pays that money out to you over time. For example, they might contract to pay you $10,000 a month for the life of the debt. This arrangement is a structured settlement.

What Are the Benefits of Structured Settlements?

Courts first adopted structured settlements to help recipients handle large settlement awards. Recipients often experience less stress and make better financial choices when they receive smaller, more regular payments than when they get large sums all at once.

That isn’t the only advantage of structured settlements, however. Here are the top seven most impressive structured settlement benefits.

Tax and Asset Protection

Tax law gives special treatment to structured settlements. They are often tax-free. They are also protected in other ways.

For example, in many cases, creditors and family members can claim rights to portions of an individual’s income in the event of debt or divorce. Structured settlements cannot be claimed the same way.

Consistency

Structured settlements make it easy for recipients to plan and organize their finances. They can keep recipients in their homes, prevent them from losing vehicles, and provide stability during times of stress and upheaval.

Cost of Living Adjustments

Many structured settlements contain cost of living clauses. When this happens, recipients receive more money over time as their award increases to balance out inflation.

Security

These payments are exceptionally secure. Direct deposit and other optional features can make them even more so.

No Market Fluctuations

One of the biggest benefits of structured settlements is that they are not affected by fluctuations in the stock market. Recipients’ awards are consistent and secure and do not lose value in any circumstances.

No Fees

Recipients pay no fees associated with their settlement awards. The company handling the settlement pays for everything.

No Interruption of Other Benefits

Receiving an annuity does not affect beneficiaries’ eligibility for Social Security, Medicaid or Medicare, public assistance programs, or other income-based supports. In that respect, it is “free money.”

The Other Benefit

Structured settlements also offer a hidden benefit. They can be turned into lump-sum payments at any time. Recipients can sell their rights to some or all of their settlement and receive a lump-sum right away from a financial services company.

Check out Rightway Funding yelp reviews to learn more about how that option works and why people choose it.

Smart Money Moves

Structured settlements can help you make good money choices. So can learning more about how the financial world works. Check out our Money Section for more tips, tricks, and information on how to handle your money well today.

The New Year is the perfect time for renewed motivation in every aspect of our lives. Whether it’s going running twice a week, stopping smoking or reducing your drinking, January is the month when we are full of good intentions and ready for a new challenge. 

The same applies to our financial lives. Many people start the year with a financial to-do list and goals that they want to achieve. But what are the most popular financial resolutions people are setting this year? Let’s take a look.

  1. Save more

Perhaps unsurprisingly, the most popular financial resolution this year is to save more money. Nearly half (49 percent) of the respondents to a recent Experian study said they wanted to put more money away every month. There are lots of different ways you can do this, from budgeting more effectively to cutting back on unnecessary spending and transferring your existing savings into a high-interest account. 

  1. Improve your credit score

Building a good credit score is one route to affordable and accessible credit. If you’re looking to borrow money, whether it’s a short term loan from a lender like Wonga or a mortgage from the bank, taking steps to improve your credit score will allow you to access the best possible rates. Find out more about the steps you can take to boost your credit score.   

  1. Create a personal budget

31 percent of the respondents to the Experian study said 2020 would be the year when they created a personal budget. Tracking your money and seeing where it goes every month can be a hugely valuable exercise. It can help you reduce your spending in certain areas and assign more of your income to debt repayments and savings.

  1. Pay off a credit card entirely

Are you stuck making the minimum payments on your credit card and unable to clear the balance? This could be the year when all that changes. If you have a credit card debt you’re struggling to clear, a balance transfer credit card, which offers an interest-free period of up to 24 months, could give you the breathing space you need to finally clear that credit card debt. 

  1. Pay your credit card balance in full every month

Have you ever thought about limiting your credit card spending to an amount you can afford to pay off in full every month? Repaying your full balance at the end of the month will help to improve your credit rating and reduce the amount of money you waste in interest payments and fees.

  1. Not open any more credit cards

A positive step that 20 percent of respondents said they wanted to take this year was to not sign up for any more credit cards. The average number of credit card accounts per South African consumer increased from 1.4 to 1.5 over the last year, with an average debt of R16,481. There’s no right number of credit cards, it all depends on how many you can manage responsibly. However, as a very simple rule, the fewer you have, the better!

What are your financial resolutions for the new year? Please share yours with our readers in the comments below.  

As much as you may love your home, you can’t afford for your own sanity to be in it 24/7.

That said what kinds of things do you like to do that involve getting outside of your home?

From trips across the country or even further to doing things not far from home, there are options for you to enjoy.

With this in mind, how can you go out and have fun and still save some money in the process?

Be on the Lookout for Deals

When it comes to saving money when you are away from home, keep these keys in mind:

1. Finding deals before you head out – One of your best ways to save money when out of home is finding deals ahead of time. So, you might be thinking about going to Disneyland, one of America’s greatest theme parks. If so, you can go on the Internet and search for discount Disneyland tickets. By securing those tickets ahead of time, you will often save and not have to worry about buying at a ticket window. No matter the business you want to work with in saving money, also know you may have other options. You might find tickets to an event or locale you want by getting them from an approved ticket reseller. No matter the choices you have, save money and make your experiences even more enjoyable.

2. Getting more social – If you use social media, you have taken an important step on the road to trying to save more. It is not uncommon for consumers to talk about their spending on sites such as Facebook and others. As a result, you could win when viewing or even taking part in such conversations. Whether you know the people chatting online or not, see what they have to say. Often, you can pick up some tips from others on how to go about saving money when away from home.

3. Knowing what kind of budget you have – It is also a good idea to know what kind of budget you may have when you plan to go out. This can be everything from a trip to a theme park or taking a vacation to a routine visit to your local store. By knowing what you can and can’t afford, you are less likely to run into financial predicaments. If money has been tight for you for a long time or in more recent times, have you done any budgeting along the way? By coming up with a budget, you are less likely to spend more money than you need to. As an example, grocery shopping can add up rather fast if one is not careful. That said have a list of what you absolutely need when you go to the store. Try your best to stick to that list. Also, avoid if you can going to the grocery store when on an empty stomach. Going when you are quite hungry can lead you to buying and of course spending more.

By trying your best to save dollars when outside the home, you can relax more once you do in fact get home.

How good of a job would you say you do when it comes to finding deals?

In the event you are not too good at this all-important task in life, is it time to change this up?

Not finding deals over the course of time can lead you to spend more money and not enjoy life as much as you should be.

So, how can you track down more deals moving forward?

Internet is Always Good Starting Point

In your efforts to find more deals and in fact keep more of your money, start by using the Internet to your advantage.

When you go online, you can oftentimes see where you can save money.

An example of this would be if a day trip or even a longer getaway is in the back of your mind.

If you are contemplating Disney tips, deals, and secrets, they are there for the taking.

A day or more at Disney can mean can fun for you and others without breaking the bank in the process.

Look for not only Disney but others selling tickets to one of the most famous theme parks out there.

With a visit to Disney, you get not only a lot of activities, but an iconic venue. That is a venue that millions have come to fall in love with over the years.

While on the Internet, it does not hurt to do some searching for deals on social media too.

Sites like Facebook are great for learning how others go about locating deals. Whether you know the folks or not talking about such money-saving efforts, chime in on the talk.

In using your online options, you move a step closer to saving money each day.

Sign up for Savings

You would be remiss if you did not sign up for savings’ opportunities whenever possible.

With that being the case, are you signed up for savings at your stores, airline carrier or hotel of choice and more?

Too many consumers fail to get their names on lists for such savings. As a result, they end up paying the full price when they could have saved even 10 percent or more. In the end, all the savings does in fact add up. As a result, do your best to get savings at each turn.

Some good places to sing up for savings can include when at:

· Local stores

· Airport, hotels and rental car agencies

· Street fairs

It is also a good idea to share such savings opportunities with outside family and friends.

Given you are not going to track down all the opportunities out there; turning to others you know helps. They can tip you off on when there are saving chances for you and vice-versa.

Finally, finding the affordable vacation, day trip or items at the store, can make life more fun.

If you struggle with money, knowing you have savings whenever possible takes a load off your mind.

In your quest to discover deals, make sure you leave no stone un-turned.

Many people do not know that they can actually save good money with their mobile device. Think of your smart phone as an investment, you put a in a lot of money into buying it and now it’s time to reap the dividends.

Apart from making calls, browsing, socializing and other numerous things you currently use your phone for, there are a number of ways you can cut costs and save some money with your mobile device, be it an android – phone, iPhone or a windows based phone.

Here are 7 tips on how to save some cash with your mobile phone

  • Use the budget planner on your mobile phone to plan your daily, weekly or monthly spend. It gives you an idea whether you are going above your income and helps you decide where to cut cost if necessary. Apps like this can help you track your expenses, reduce impulse buying and help you save some cash.

  • You can also download money saving apps like the that allow you to track your credit card spend and ensure you do-not run out of cash before the month ends or to blow over your monthly limit. This app allows you to spend and save on your mobile device. Other apps are available online that can also help you make financial transactions online with your mobile phone and save the cost of having to travel all the way to your bank.

  • Make sure you are on the right plan for your calls. Select the best service provider to get the best plan for your area. If you rarely use your phone to make calls or send texts, a pay as you go option may be cheaper for you. If on the other hand you make a lot of phone calls, then a monthly payment plan may be the better option. Be on the same plan as your friends and family as this could reduce the charges on your talk time.

  • Use your phone to compare prices of items you wish to purchase online so you can decide on the best places to shop to get good prices.

  • Download free games and apps on your mobile device only if you are certain there are no hidden charges. This may mean you have to exercise some control over who has access to your phone, so they do-not unwittingly accumulate charges for you.

  • Avoid calling numbers that place extra charges on your tariff with your mobile phone. It’s cheaper to use a landline to call numbers that begin with 084, 087 and 09

  • Use Wi-Fi whenever you can to browse or download apps on your mobile phone. Use as little of your mobile data no matter how unlimited the plan could cost more than you think as background apps on your mobile could mean that your data is getting exhausted sooner than it should. Ask for a downgrade from your network service provider if you are not using your freebies.