FAQ

Whenever someone pays with a card, the issuer takes an average fee of around 2.22%. When this statistic was measured in 2020, it had increased by 70% in just the past decade. Some issuers take up to 3.5%, and these rates will likely continue to rise. The worst thing is that these high fees don’t even account for credit card processing fees!

If you use a generic credit card processing fees calculator, you may think your fees are set in stone. After all, one cannot expect international institutions like Visa and Mastercard to make exceptions for random businesses. It’s when you factor in payment processors, though, that you can see real savings. This is where FinWERX comes in!

Running a cash-only business will help avoid credit card processing fees. Unfortunately, it will also help you avoid running a successful company. Between 2012 and 2019, the percentage of transactions involving cash dropped from 40% to 26% This decrease escalated during the pandemic. Fewer people are carrying cash, so not accepting cards means fewer customers.

Absolutely! During our time in the fundraising and financial sector, we’ve seen far too many vendors refuse to work with small companies. We believe this is unfair. After all, a merchant’s sales volume shouldn’t dictate whether they have access to certain payment methods. FinWERX offers small business credit card processing for any merchant!

CryptoWERX is the cryptocurrency payment processing tool offered by FinWERX. As technology evolves, so does the way people pay for goods and services. Credit card processors were once unheard of, but now they’re essential. With over one-third of U.S. businesses accepting crypto payments as of October 2021, a similar outcome is likely for digital coins.

Unfortunately, credit card transaction fees often aren’t restricted to purchases. Many payment processors also charge a monthly fee. This means that — even if you have to temporarily close up shop — you’ll still have to pay fees without any sales. FinWERX doesn’t believe that’s a good way to do business. We never charge monthly fees. You’ll only pay for the services you use.

The only trick to choosing the right payment processor is to do what’s best for your company! However, there are some things to consider. Does the company require a long-term contract? Do they offer the ability to accept automatic recurring payments? Do they provide a system for taking crypto payments? Are they simple to use, and what about experience?

These are all essential questions to ask!

When you receive funds in your bank account will depend heavily on your payment processor. Your agreement with the vendor will play a big role in this. At FinWERX, we know it’s important to get paid as quickly as possible. That’s why we offer Next Day Funding to our clients. You shouldn’t have to wait to access your own money!

As it turns out, there are ways to save money on payment processing fees. First, take steps to minimize the potential for fraud. Rates are higher for merchants that are considered high risk. Providing the right information during signup is also vital for getting a fair rate. Most importantly, you should speak with professionals in the industry. At FinWERX, we’re ready to help.

Fortunately, accepting credit cards in your organization is now easier than ever! There are plenty of options to choose from, so it all comes down to choosing the vendor that’s right for you. Since you have to choose one, though, shouldn’t it be the one that offers low transaction costs, no monthly fees, and the ability for your business to accept crypto payments?

If that sounds like the right approach for your company, get in touch with us today at FinWERX!