This is the Beacon Payments blog. Learn about the credit card processing and the merchant services industry. Hear about the successes of our outside sales people whose job it is to sell merchant services and sell credit card processing programs.
How many times have you walked in to a business and had the owner say this: "I get people like you in here all the time...."? If you are like any of our other sales people you know the answer: Every day.
It sounds rude when you say it to someone but I promise that in this case it is good advice. If you follow it you WILL increase your success in sales.
We often hear the following from new sales people: “This job is too hard. I went in to my first 10 doors and everybody told me to get out!” This leads us to ask them the inevitable question: “what did you say when you walked in the door?” 9 times out of 10 the new sales person was guilty of what we like to call the show up and throw up. Gross name I know - but it perfectly describes their sales technique
Below you will find the chart showing our next day deposit schedule.
Standard terminal cut off time for next day is 8pm EST. Friday, Saturday, and Sunday transactions will deposit on Monday.
When a business owner wants to charge their customer a 4% surcharge then they need to pay a 3.84% fee to their processing company to guarantee the charge is being properly offset.
Look at the following examples:
The merchant runs the card for a $100 sale. The cardholder is then charged a total of $104.
If we then take 4% out of the $104 transaction the business owner will pay $4.16 in fees - an effective rate of 4.16%
$104 * 4% = $4.16
$104 - $4.16 = $99.84 deposit
If we instead take 3.84% of the transaction out then the business owner pays $4.00 in fees on the $104 sale.
$104 * 3.84% = $4
$104 - $4 = $100 deposit.
This ends up being a 4% charge on the original $100 sale. The business owner is charging 4% to the client and exactly 4% is being paid to offset by the 3.84% processing charge.