During the first quarter of the year, a lot of merchants prefer to wait until tax season is over before they are willing to take a look at what they are paying in processing fees. While I don’t know if the timing really matters or it’s just a way to not add another task to the plate, there is a benefit to exploring your fees directly after you file your taxes. You should have all of your expenses tallied up as well as having a W-9 showing all of your processing sales numbers. You can very quickly find your effective rate and get an idea on whether you are paying too much. We still recommend taking a deep dive into a monthly statement or two to see what hidden costs are in there and to educate you on what you are paying your processor and why.
However; finding an effective rate is a good start to finding a pain point that you might not have realized was there. People love tax refunds, so why not get more money back through processing savings?
At DynaPay we make the process as efficient and pain free on you as possible. We won’t take up a lot of your precious time and we will be completely honest on the processing savings and where it comes from. It is another chance to educate you on where your prices stand versus ours. We also welcome the opportunity to speak with your CPA directly to show them where your savings is coming from. We believe that the more you know about your processing, the more you’ll choose DynaPay!