Credit card processing shouldn’t be a difficult process. In theory, businesses should increase sales and earn more revenue if they accept more payment methods. But this may not work out in practice, especially for those who own car dealerships or sell big-ticket products.That’s because processing fees can vary depending on a company’s sales volumes. Merchants may sell more in a given month than in others, but if most of those purchases involve credit transactions, the company will usually have to pay more when its monthly statement arrives.
As a result, car dealers and other big-ticket vendors tend to be wary of incurring too many credit card charges. This is often a difficult task, though. Credit card use increases each year, so a company that doesn’t accept these methods may lose business. Customers may not be able to afford expensive items outright, so they often want to make purchases with credit cards and pay the balance off over time. As a result, many car dealerships are obligated to allow customers to pay at least some of their bill with a card.
So what’s the solution here? How can these businesses protect their bottom line without alienating their customers? The answer is simple: choose an all-inclusive credit card processing plan.
What Is an All-Inclusive Plan?
An all-inclusive plan is essentially what it says on the tin. The price that merchants see is the price they pay.
When profits are slim, business owners need to know their exact expenditures. Too many variables or unknown figures can cause organizations to consistently exceed their budgets. That’s why all-inclusive plans are so valuable to car dealerships and other businesses. When owners know that they only have to pay a flat rate every month, they can make more secure plans and investments in their company’s future.
What Charges Are Involved?
Whenever a deal seems too good to be true, people tend to ask about hidden costs. After all, a great offer has to have strings attached, right? This is smart in many cases, but it doesn’t apply to all-inclusive card processing agreements. The plans come with no strings attached and no deceitful practices. Companies pay a flat rate of 2.1 percent and no more.
So how is this possible? After all, many plans include fees to cover terminal use, paper costs, administrative fees, and more. All-inclusive plans fold these charges into the flat rate instead of tacking them on after the fact. This makes the entire process more accountable to clients.
How Does It Change Monthly Bills?
All-inclusive card processing plans don’t just have a transformative effect on businesses. They also completely declutter monthly statements. Instead of receiving confusing, often conflicting information on a regular basis, clients get a streamlined bill that’s easy to understand without sacrificing transparency. Why settle for a confusing, messy experience every month when a better option is readily available?
Does It Offer Additional Benefits?
A processing plan is only as good as its added perks. Sure, most companies focus on the cost of a plan, but this can have serious repercussions. The up-front price isn’t everything, and sometimes the extra perks can make a deal even more valuable.
Case in point: all-inclusive plans feature extra protection against chargebacks for up to $1,000. This protects car dealers’ merchant accounts from potential overdraft in case of unfortunate circumstances, which may be even more valuable than a favourable rate. Merchants can also rest easy knowing that they will receive their payments within one day, ensuring greater security.