Selecting the perfect Payment Service Provider for your business can be time consuming. Although paying transaction fees is inevitable, you might come across additional fees that can slowly eat up your profits.
Below are a number of tips to help you avoid any additional costs and save your business money with your UK merchant account.
1. Avoid chargebacks
Chargebacks occur when a card issuer is asked by your customer to get a refund from you; apart from refunding the amount, other processing fees will also be charged. The most common cause of a chargeback request is where the customer does not recognise your company’s name on their statement. You can negate this by ensuring that your trading name will be recognised by your customer by highlighting it on your checkout page, terms & conditions and confirmation pages.
2. Improve your after sales service
If you accept refunds, clearly state your refund policy and stick to it. Avoiding delays will save you money. It’s better to issue a refund and lose that sale than it is to deal not only with a lost sale but also additional chargeback fees.
3. Get cost effective settlement terms
Make sure your Payment Service Provider settles your funds in the most cost effective way for you. Many Internet Merchant Account providers will offer to settle your funds with a cheque but there is often an extra fee for this. Clarify your settlement terms and, if possible, set up a BACS transfer so that your funds go directly into your clearing account. This is usually the most economical way to have your funds released.
4. Get e-statements
If your monthly statements are sent to you by post, sign up for electronic statements if they are offered. Generally, Internet Merchant Account providers will charge you for posting your monthly statements (up to 10p a month).
By following these simple tips, you can avoid paying too much for your UK Internet Merchant Account.
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