What’s your effective rate?

Admit it, you like money. Money is after all what puts a roof over your (and you family’s) head and food on your table. It is also what keeps you as a merchant in business. If you accept credit cards then we can help you save a little bit of that money. How you ask? It’s quite easy.
You get a merchant statement from your credit card processor every month. On that statement is two numbers of importance, the amount of volume that was processed and the amount of money that you paid to your processor. You can take those two numbers and calculate your effective rate. Take your processor’s fee and divide it by the volume and multiply by 100 and you will now have your effective rate.
The effective rate is the rate that you pay for each transaction to be processed. Your provider should have set your rate when you signed up with them so now you can see if the effective rate on the statement matches the effective rate that you were promised. Your processor can charge whatever rate they want, either by setting a flat rate or differentiating some transactions from others. If this is not what you were promised, it may behoove you to look for a new processor. Just think, by doing some simple math you could potentially keep more of your money in your business’ coffers.
With JLE Business Consultants we spell out what your effective rate is and once that rate is set it will not change. It is also put on your monthly statement for you to see. We are not here to get you in the door with a low rate that changes three months after you sign up and probably stop reading your statement. We believe that once we enter into a relationship it is just that, a relationship. It is not the end of our interaction but instead only the beginning and one that we hope will last for not only a long time but will be profitable for the both of us.
If you want to discuss your merchant statement just Jeff a call at 717-781-3750. He wants to make sure everyone understands what the statement entails. He would also be glad to look over your merchant statement even if you are using another processor. Who knows, he might be able to save your some money!