Have you established your new payment processing policies for 2025? This is a good time of year to reset your programs and initiate the changes that you need to make. Put these updates into place soon, so that you can take advantage of the latest benefits as a business owner.
Have questions for us? Read further, then you can book a call and we can discuss next steps.
Here are a few ideas:
- Increase pricing
- Eliminate pass through fees
- Update payment programs
- Add Text to Pay
Now is the time to increase pricing
If you didn’t bump up your product or service levels in 2024, do it before the year goes too much farther. With increases in supply chain costs, labor or wages and other expenses, you need to maintain your margins and remain competitive.
Some of our clients are also taking a second look on how their customers reacted to service fee programs. They either lost customers or have experienced reduced revenues from lower sales transactions. Most have heard complaints.
The time to act is here.
Eliminate pass through fees
By taking small increases in your pricing, the margin will be able to cover the fees related to credit card processing. At or just under 3% is where most of our clients average out — so, this is a good rule of thumb to follow.
In reality, most businesses follow this method of covering the expenses related to the business operations. Overhead and credit card fees are why you have mark up for your products and services.
Assess where you are overall; take the next step to regain customers who prefer to pay with a credit card. New payment processing policies are able to be made at any time, but early in the new year is logical and timely.
Update payment programs for 2025
Offer the option to set up budget billing or recurring billing. Review “Net 15” and “Net 30” terms for accounts. Take a look at the accounts receivables for clients and decide if it should change. Require a credit card payment as back up — securely save this to your POS or Operations Management System to take payment on time, every time.
Add Text to Pay for digital wallets
Our Text to Pay program is easy, affordable and serves your customer where they are. Anywhere they are.
More secure than ever, rely on the ability to contact the customer to pay their invoice, medical bill, roof repair or other account balance. We work with all industries and can set up your secure portal easily and quickly.
Digital payment methods are not going away and if you have waited until now, you can still do it.
Still have questions? Not to worry. Your TransAct merchant services team is here to help you evaluate all of the options. Update to your new payment processing policies and make the year ahead a successful and prosperous venture. Book your one on one call now.