You must be already aware of the fact that you need to pay an interchange fee whenever a customer pays with a credit card. And this interchange fee is not only the most expensive component of a credit card processing costs but is as well non-negotiable. However, nowadays there are few credit card processors who offer “zero fee” merchant processing as an attraction for businesses towards their services. Although, the offer seems lucrative and tempting, there are a lot of fine prints involved, which needs to be understood very carefully, before signing up for one. So, let’s comprehend what zero fee merchant processing is and how it can be benefiting?
Definition of Zero Fee Merchant Processing:
Also known as “no cost” processing, zero fee merchant processing is a service solution where credit card processing fees are passed over to the customers automatically for payment, instead of the merchant.
In the United States, this system of passing over the processing cost to customers is permissible in all, except in 9 states. Although no cost processing is available with traditional processors also, some companies have started creating business with it, by offering it exclusively.
Benefits of Zero Fee Merchant Processing:
1. Saves Money:
Even though credit card processing fee is not that high for merchants, when added up annually, it does become a good amount. However, when the charge is switched to customers, the merchant can save thousands of dollars by eliminating not only the processing amount but as well monthly and yearly fees.
2. Next Day Funding:
With the help of zero fee merchant processing service, a merchant can receive his/her funds deposited into his/her bank account directly, as early as the next day.
3. Hassle free Processing:
The process of payment becomes easy and smooth with the help of zero fee processing program. In other words, the service allows a merchant to accept credit card payment without having to incur any cost.
How to Switch to Zero Fee Merchant Processing?
In order to avail zero fee merchant processing service, a merchant has to get in touch with a cash discounting credit card service provider like the Reverse My Fees. Once a merchant signs up all the required documents and becomes partner, the service provider will help the merchant to discount all their goods and services for purchase with cash. If the consumer chooses to pay with a credit card, the pre-applied discount is removed at the time of the transaction and reflected on their receipt as a “non-cash charge”.
Reverse My Fees, LLC 