Before The Temperatures Drop More
Is it worth your time to set aside 15 minutes for an honest and candid discussion about Payment Processing or Payroll? Depending on who you’ve worked with in the past, this may be your first!
Here’s a Breakdown of Typical Processing Fees
The average price for payment processing for small businesses varies greatly from business-to-business and depends on things like card type, transaction method such as in-person vs. card not present transactions, and (MOST IMPORTANTLY), the salesperson who set up your account for you.
PER TRANSACTION FEE
A flat fee, usually between 5 and 30 cents that is ALSO charged for each transaction.
PERCENTAGE BASED FEE OR DISCOUNT FEE
This represents the majority of your cost and should range from 1.1% to 3.5% of the total sale amount.
FLAT RATE PRICING
Some businesses benefit from a common flat-rate pricing model, not Interchange Plus model as described above. This pricing model averages around 2.6% for in-person and 2.9% for online transactions.
However, in this model, your transactions won’t benefit from any downgraded fees such as B2B sales.
I work with other great professionals who have great products specifically geared toward businesses in the oil & propane industry.
Federated Insurance
Federated Insurance specializes in providing business insurance and risk management services, and the petroleum and fuel distributor industry is one of their major focuses.
Again, the most important variable in your account is with the person who set it up for you.
Read below for more…
Great Questions to Ask your Merchant Processing Agent:
- Will I ever see or hear from you again after I give you my business?
- Will I have access to my monthly statements?
- Will I have an online portal so I can see what my business is doing for transaction, see my deposits, and know what you’re charging me?
- I know you don’t work for free, just like we don’t deliver oil for free, but are you confident that you’re writing my business at the most reasonable rate?
If you haven’t seen Ledgewater Consulting’s advertisement in Oil & Energy Online, check it out!
It’s running through year-end with the official publication of the National Energy & Fuels Institute, Inc.
Ledgewater Consulting is a proud member of…
TRUST the (Sales)Person You Choose to Partner With
You can learn more about the education provided through SCORE and their online webinars. Much of these talks revolves around one single problem: How do you know the right questions to ask, to get the answers you really need, and then make a good, informed decision?