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How Rate Tracker Helps Business Owners
Processing Solutions

How Rate Tracker Helps Business Owners

How Much Time Do You Spend Looking Over Your Credit Card Statements? As a small business owner, you are the backbone of our economy – but how much time do you spend reading over your credit card processing statements each month, only to find that you still have no idea where your money is going? Our guest is zero because you’re confused by it and you wear a lot of hats in your business. The Problem with the Processing Industry… The credit card processing industry is a mystery to most, allowing processors to take advantage of their customers. By sneaking in fees and rate increases, they use your business to line their pockets. Stop wasting time and start tracking your rates with Rate Tracker, a free and secure automated credit card processing fee tracking system that allows small business owners like you to take control of their costs. Monthly Rate Updates Each month, merchants receive an email and a text message with the following data points from the previous month. Credit card processing fees. Credit card sales. Your out-the-door rate. With easy access to this information, you’ll find out immediately when your rates go up instead of months or even years down the line, saving your business thousands of your hard-earned dollars. Learn More About Rate Tracker If you are interested in learning more about your credit card processing rate, contact us today!

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How Did Rate Tracker Get Started?
Credit Card Processors

How Did Rate Tracker Get Started?

Rate Tracker was created to start a movement in the payment industry. Small business owners are often taken advantage of by credit card processors because they know that those business owners rely on them to make money. Likewise, the processors also know that small business owners are far too busy to read over their statements every month. Even if they did have the time, most people can’t make heads or tails of what they are reading. This lack of clarity is allowing the payments industry to trample the small business owners in our country and slowly line their own pockets with your hard-earned money! The Movement There are two stories that come to mind when people ask us why we created Rate Tracker. Both involve merchants who were losing money due to unknown processing rate increases. The first story is about a merchant who we asked to test out our beta version of Rate Tracker. He was adamant about not switching processors because he believed he was getting great rates. After using Rate Tracker, he realized that he was actually paying way more than he thought and immediately switched payment processors. The next story is about another merchant who never looked at his statement from his processor. Two years went by without him ever knowing that they raised his rates. That mistake totaled at about $10,000 of additional fees that he was way paying due to not tracking his rates. Our Inspiration Our goal of creating Rate Tracker is to bring transparency into the payments industry so that small business owners can take control over their credit card processing rates. Learn More About Rate Tracker If you are interested in learning more about how Rate Tracker works or to get started, contact us today!

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Are You with the Right Credit Card Processor?
Credit Card Processors

Are You with the Right Credit Card Processor?

Are You with the Right Credit Card Processor? As a small business owner, your money means a lot to you; so, saving where you can is essential. One area where you can potentially save a lot of money is with your credit card processor. How Do You Know if You are with the Right Processor? Rate Tracker is here to help you determine if you are working with the right people by asking yourself these simple questions. Do You have a Dedicated Representative? If you are working with a person from their team, is it always the same person? Is that person working with you to help you manage your account? Is Your Representative Paid Monthly? A big thing in the credit card processing industry is residual income. If somebody is making money every month from managing your merchant account, they’re going to be incentivized to make sure that you’re happy. Is the Solution You Have the Right Choice for Your Business? Every business has different needs, and most merchants don’t realize all of the different equipment options that are available that could be serving your business and customers better. Do You Ever Get Frustrated with Your System? If you find yourself getting frustrated with your credit card equipment or system, you don’t have to suffer through it. There is likely a solution that has been created to ease the stress for you and others in your industry. What is Your Rate? If your rate is higher than 3.5% or increasing each month, something isn’t right. We are here to help you figure out why that’s happening and how you can fix it. Learn More About Rate Tracker If you are interested in learning more about the credit card processing industry and which processing solution is right for you, contact us today!

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4 Tips to Help Grow Your Business
Tips and Tricks

4 Tips to Help Grow Your Business

4 Tips to Help Grow Your Business Rate Tracker is helping bring transparency into the credit card processing industry to help small business owners like you! We love being able to help our clients grow! As we have worked with hundreds of different clients across many industries, we have identified the 4 most helpful tips that you can use to help grow your business! 1. Upselling Increase the average order size. Just like restaurants ask if you want to add a side, you can offer smaller, ancillary services or products to help boost your sales. This is especially helpful if you accept credit cards to help with those rates. 2. Increasing the Frequency of Customer Visits Finding new customers can be hard, but keeping current customers is essential! Loyalty programs are a great way to build trust with your customers and offer them something in return. 3. Increase Number of Clients This one is a no brainer, but as the previous tip states, finding new customers can be hard. Hire a marketing company that can help you extend your reach and generate leads. 4. Create a Contact List Having a list of customer’s emails and phone numbers can help you generate business with special offers, upcoming sales, and more. This tip is especially useful during the age of COVID; while everyone is staying home, you can still be top of mind! Learn More About Rate Tracker Our goal is to help empower small businesses so that they can take control of their credit card processing rates and grow their companies. Contact us today to learn more!

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Credit Card Processing Fees
Fees

3 Charges to Look for on a Credit Card Statement

What to Look for on a Credit Card Statement 3 Main Fees to Look for on Your Credit Card Statement 1) Interchange Fees These are the fees that are assessed to your business from the issuing banks that issued cards to your customers. Usually non-negotiable and can be a monthly fee, transaction fee, or what is known as the percentage of gross sales, or discount rate. PCI Noncompliance Fees These fees are important to pay attention to because they are avoidable and can range from $4-$250 a month! On top of that, there’s a liability that exists that if your business is deemed non-compliant and suffers a data breach, you could be held responsible. Learn More About Being PCI Compliant 2) Surcharge Fees Surcharges are an easy way for credit card processors to hide more fees in your bills while they line their pockets. So, if you see the word surcharge on your statement, chances are your costs are inflated, and you’re not being treated fairly by your processor. 3) Price/ Rate Increase This is where Rate Tracker comes in to help! Processors can easily sneak in more charges with an unnecessary rate or price increase in your monthly payments. You unknowingly agree to this by remaining their customer. Rate Track alerts you when this happens so you can take action. Learn More About Rate Tracker If you are a business owner, you need to understand the credit card processing industry in order to keep your hard-earned profits! Contact us today to learn more about how we can help you!

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Why do my fees increase?
Fees

Why Do Credit Card Processing Rates Increase?

Many business owners rely on credit cards as their income source. As customers pay for their goods and services, they pay with their cards, and each transaction costs the business owner a small percentage. However, there is a lot of confusion around this industry that most business owners do not have the time to fully understand. With this lack of knowledge, it is easy for the credit card processing companies to take advantage of these small business owners. A processor is earning a set amount of profit each month, and they can increase the rates slowly. This lines their pockets and eats away at your profits! How Can Rate Tracker Help Business Owners? Rate tracker is integrated with your bank account securely and safely and will immediately alert you whenever the processing fees are increased. For example, a restaurant owner processing $60,000 per month decided to try Rate Tracker. He found that the processor increased their rates at about .75%, that equates to about $400 a month in extra fees that the business owner really had no idea that he was going to pay. Learn More About Rate Tracker If you would like to learn more about Rate Tracker and how we can help you understand your credit card processing rates, contact us today! Rate Tracker is free to use and 100% secure! Track My Rate!

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Fees

What Fees am I Paying and Why?

In most situations, there are 3 people that charge a fee: the card issuing bank or credit union (Interchange,) the card brand (V/MC/Disc/Amex,) and the credit card processor. If your logo is on the card or you’re processing the payment, you’re charging a fee on the transaction. Most business owners are not in a position to negotiate the fees that are charged. So, it does not matter who the processor is; you’re still going to be paying those fees in some way. How Can Rate Tracker Help Small Business Owners? Interchange fees and card brand fees are non-negotiable in most situations and can sometimes fluctuate based on average ticket, types of cards accepted, and how cards are processed. Interchange Fees + Card Brand Fees + Processor Fees = Effective Rate. If there’s a significant increase in the Effective Rate, it usually is because the Processor increased their profit per transaction or per month, ultimately taking more money from the business. Rate Tracker adds value by automatically monitoring the total cost imposed on a business, and immediately catches significant rate or cost increases. Learn More About the Benefits of Rate Tracker If you are interested in learning more about Rate Tracker, continue browsing our website or contact us today! Track My Rate!

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How Did Rate Tracker Get Started?

March 10, 2021/

Rate Tracker was created to start a movement in the payment industry. Small business owners are often taken advantage of by credit card processors because they know that those business…

4 Tips to Help Grow Your Business

January 22, 2021/

4 Tips to Help Grow Your Business Rate Tracker is helping bring transparency into the credit card processing industry to help small business owners like you! We love being able…

What Fees am I Paying and Why?

September 27, 2020/

In most situations, there are 3 people that charge a fee: the card issuing bank or credit union (Interchange,) the card brand (V/MC/Disc/Amex,) and the credit card processor. If your…

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