The Swypit Show - Episode 26 (Why Do We Have to Pay Credit Card Processing Fees?)
Who likes paying fees?!
On the latest episode of The Swypit Show, Kevin takes a deep dive into the credit card processing fees that business owners are hit with. We'll discuss why they exist, what a high fee looks like, and how you can mitigate them through some savvy strategies.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:20 - The incredible work Tim Ballard is doing
2:40 - Watch "It's Happening Right Here" on Amazon Prime
4:50 - Be careful who you do business with
6:55 - Welcoming Michael goldsmith to the show
8:43 - "Life costs money"
12:30 - Why do we have to pay credit card processing fees?
16:45 - Developers make products to lock you into substantial fees and percentages
19:53 - What does switching to Swypit look like?
23:26 - Getting locked into software like Quickbooks
26:09 - Learn how to read your merchant statements!
30:35 - Your business needs to be taking credit cards for transactions
37:34 - Choose the right pricing structure for your merchant account
41:50 - Avoid equipment leases!
43:48 - At Swypit, "we make the hard easy"
44:15 - Closing remarks
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