Five ways to cut your card fees without switching provider

Switching provider is not always the answer. We regularly tell businesses that the first savings are sitting on their current statement. Here are five places we look first.

1. Stop paying PCI non-compliance fees

Many providers charge a monthly fee if you have not confirmed you handle card data securely. For most smaller businesses, that just means completing a short annual questionnaire. Do it once and the fee usually stops.

2. Hand back what you do not use

Check for terminal rental on card machines sitting in a drawer, and for add-on services you never asked for. They are easy to miss and easy to cancel.

3. Check your minimum monthly charge

If your contract has a minimum monthly fee and you rarely reach it, you are paying for volume you do not have. Ask for it to be removed or reduced, especially if you have been with the provider a while.

4. Get on the right pricing model

If most of your customers pay with everyday UK debit and credit cards and you are on a single blended rate, you may be paying more than the cards actually cost. Ask your provider for a quote on Interchange++ and compare the two against your real card mix. Our guide to Interchange++ and blended pricing explains the difference.

5. Bring your chargebacks down

Every chargeback carries a fee, as well as the lost sale. Clear descriptions on customers’ bank statements, fast responses to customer complaints and simple refund processes all reduce them. Fewer chargebacks also put you in a stronger position when you negotiate.

One thing not to do

Do not add a surcharge for customers paying by card. In the UK, businesses are not allowed to surcharge consumers for paying with most cards.

Still paying too much?

If you have done all of this and your effective rate still looks high, it may be time to see what the market would offer you. Get a free rate review and we will tell you honestly whether switching is worth it.