As a payment processing consultant in the oil and propane industry, my goal is to ensure all card brand programs are fully optimized and clearing at the target interchange for the lowest cost possible. This is a challenging process because each of the four main card companies has different rules. Without the right strategy and education, this can quickly become a circus and cause both you and your staff confusion.
Things can especially get confusing when your credit card processor decides to raise your rates. You’ll be wondering who to call, what to say, and how to state your case. Remember, education is the first step to savings and I’m here to help you.
Find the source
Increased fees occur due to a variety of reasons. Although you may not be able to control all of the different factors that went into the increase, there is always something you can do to foster effective communication and advocate for change.
If Visa, Mastercard, American Express, or Discover raised their processing fees, try comparing your interchange rates posted on your monthly statements to the companies’ published interchange rates. If you find a noticeable discrepancy, reach out to a company representative to state your case and take steps toward finding a solution.
It’s critical to speak to knowledgeable and professional support staff
We all know it’s easy to get our heads spun off dealing with credit card processor call centers as they lack the necessary expertise to properly assist fuel dealers. The special pricing programs available to fuel dealers are always changing (interchange is updated twice annually), which requires continuous hands-on monitoring to insure proper execution and pricing efficiencies.
In addition to executing all of the complexities associated with the applicable programs for fuel dealers, processors often raise their rates which only complicates matters further.
As the unique independent treasury strategist for the home heating fuel industry, I am well-versed and perfectly positioned to lend my expertise and offer valuable insight to my clients. We can derive efficiency by utilizing the proper financial technology to optimize savings and, ultimately, drive more profits to your bottom line.
Steer clear of fraud
Unfortunately, there are a few payment processors out there that try to prey on small business owners through bait-and-switch. Make sure to do your research beforehand by reading online reviews from legitimate customers on credible sources like the Better Business Bureau. Each company listed here has to go through an extensive screening process and the reviews are honest.
I hope you find this information useful and will use it to help further your business goals. Visit my website to schedule a free consultation today. Good luck!
