Accepting payment with an eftpos terminal

As a business owner, accepting credit and debit card payments has become an essential part of the customer experience. Not only does it increase convenience for customers, but it also helps to boost sales and revenue for the business. However, accepting card payments comes with a cost, known as merchant services fees. In this article, we will explore what business owners need to know about merchant services fees and how partnering with Skyzer and BNZ can provide a one-stop solution to manage these fees.

What are Merchant Services Fees?

Merchant services fees are the fees charged by payment processors and acquiring banks to process credit and debit card transactions on behalf of the business. These fees can vary depending on several factors such as the type of card being used, the transaction amount, the type of business, and the payment processor being used. Generally, merchant services fees can be divided into two categories: interchange fees and processing fees.

Interchange fees are the fees charged by the card issuing bank to the acquiring bank for processing a transaction. These fees are set by the card networks such as Visa, Mastercard, and American Express, and can vary depending on the type of card being used, the transaction amount, and the industry of the business. The acquiring bank then passes on these fees to the payment processor, who further adds their processing fees.

Processing fees are the fees charged by payment processors to provide their services such as authorization, settlement, and reconciliation of transactions. These fees can vary depending on the payment processor, the type of business, the volume of transactions, and the level of service provided.

Why do business owners need to know about merchant services fees?

Merchant services fees can have a significant impact on a business’s profitability, especially for small businesses operating on tight margins. It is essential for business owners to understand the fees associated with accepting card payments, so they can make informed decisions when choosing payment processors and setting prices for their products or services.

Moreover, understanding merchant services fees can help businesses to identify potential savings opportunities by negotiating lower fees or choosing payment processors that offer competitive rates. It can also help businesses to monitor their payment processing costs and identify any discrepancies or errors in their billing statements.

How can Skyzer and BNZ help business owners manage their merchant services fees?

Skyzer has partnered with BNZ to offer merchant services to New Zealand businesses. This partnership provides a one-stop solution for businesses to manage their payment processing needs, including transaction processing, settlement, and reconciliation, as well as managing merchant services fees.

By partnering with BNZ, Skyzer can offer businesses competitive rates on merchant services fees, allowing them to save money on payment processing costs. Moreover, Skyzer’s payment processing solutions are tailored to meet the unique needs of each business, providing them with a personalized service that helps them to streamline their payment processing operations and improve their customer experience.

In addition to this, Skyzer and BNZ offer local customer support to ensure that businesses can get help whenever they need it. This support includes assistance with billing inquiries, technical support, and fraud prevention measures.

TLDR

Accepting card payments has become a necessity for businesses in today’s digital age. However, it is crucial for business owners to understand the fees associated with accepting card payments and how to manage them effectively. By partnering with Skyzer and BNZ, businesses can benefit from competitive rates on merchant services fees, personalised payment processing solutions, and local New Zealand customer support. This partnership provides businesses with a one-stop solution to manage their payment processing needs, allowing them to focus on growing their business and improving their customer experience.

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