Payment processing fees are a significant concern for many retail and hospitality businesses. These fees can eat into your profits and make managing finances more challenging. Understanding why these fees are high can help you make better decisions and potentially lower your costs. Choosing the right payment solution is crucial, and this is where Dojo Go stands out from the competition.
Factors That Contribute to High Fees
Interchange Fees
Interchange fees are set by the card networks (Visa, Mastercard, American Express) and paid to the card-issuing bank to cover handling and risk. In the UK, these fees can range from 0.3% to 3.5% per transaction depending on the card type and transaction method.
Assessment Fees
Charged by the card networks to cover their operational costs, these fees are typically around 0.13% to 0.15% per transaction.
Payment Processor Fees
These fees are charged by the company that processes the transactions. They include costs for equipment, software, and services provided to ensure smooth transactions. These fees are negotiable and can vary significantly depending on the provider.
Rewards Cards
Premium and rewards credit cards often have higher interchange fees because the benefits provided to cardholders (like cashback or travel points) are funded through these fees.
How to Save with Dojo Go
Negotiate Processor Markup
While interchange and assessment fees are fixed, you can negotiate the markup added by your payment processor. Dojo Go offers some of the most competitive rates in the industry, helping you save money.
Choose the Right Payment Processor
Transparency is key. Dojo Go provides clear, upfront pricing with no hidden fees, ensuring you know exactly what you’re paying for.
Optimize Transaction Methods
Encouraging card-present transactions over card-not-present transactions can help reduce fees, as the latter usually incur higher charges due to increased fraud risk.
Leverage Dojo Go’s Features
With daily payouts, 99.999% uptime, and a free app for managing payments, Dojo Go ensures that your business runs smoothly and efficiently.
Why Choose Dojo Go with The Payment Solution Guy
No Long-Term Contracts & Zero Cancellation Fees
Flexibility is crucial for businesses. With Dojo Go, you’re not locked into long-term agreements, and you can cancel without any penalties.
Daily Payouts & Unmatched Reliability
Ensure steady cash flow with daily payouts and benefit from 99.999% uptime, ensuring your payment systems are always operational.
Comprehensive Support
Enjoy the convenience of a dedicated UK account manager and 24/7 support, ensuring you always have assistance when you need it.
Exit Fee Coverage & Unbeatable Rates
We’ll cover any exit fees from your previous provider and guarantee the best rates in the market, helping you save more.
Experience Seamless Card Payments with Dojo Go – Now Offering a 1-Month NO COMMITMENT* Free Trial!
Need more information or ready to started? .. Give the team a call today on 0330 043 9904 or contact us here
FAQs
Why are payment processing fees so high? Payment processing fees are high due to interchange fees, assessment fees, and payment processor fees, along with the costs associated with rewards cards.
Can I negotiate my payment processor fees? Yes, while interchange and assessment fees are fixed, the markup added by your payment processor can often be negotiated.
How does Dojo Go help reduce fees? Dojo Go offers competitive rates, transparent pricing, and features that optimize transaction methods to help reduce fees.
What are the benefits of choosing Dojo Go? Dojo Go offers no long-term contracts, daily payouts, high reliability, comprehensive support, and exit fee coverage.
By understanding the components of payment processing fees and leveraging Dojo Go’s competitive features, you can significantly reduce your costs and improve your business’s profitability. Don’t let high fees hold you back—make the switch to Dojo Go and experience the difference.