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Maximising Profits: Strategies to Lower Payment Processing Fees in Your Franchise

One often-overlooked area where significant savings can be achieved is in your monthly payment processing fees. As the digital economy continues to thrive, customers increasingly prefer the convenience of paying with plastic. However, these transactions come at a cost to franchise owners. Implementing strategies to minimise card fees can have a substantial impact on the bottom line.

 

Frank Vorster, founder and CEO of Venue Smart Payment Solutions is dedicated to supporting businesses across various sectors, with a particular focus on franchises. Moreover, the Venue Smart business model operates as a franchise itself, currently the first and only franchise network in Australia in the payments space.

 

“Our strengths reside in getting to know you and your business, educating you on your existing payment solutions and detailing the improvements we can bring to your business. We drive efficiencies through automation, reduce payment related overheads whilst reducing gateway processing costs. We do this by tailoring solutions to meet the needs of the business, not wrapping around a “one size fits all” solution for franchisees” – Frank Vorster, CEO.

 

Venue Smart has 10 years’ experience helping franchisees and franchisors save money on their processing fees by offering group corporate rates and tailored solutions that merchants can rarely access on their own. Let’s explore some effective approaches to optimise your card processing expenses:

 

1. Shopping Around
Not all merchant service providers are created equal. Rates and fee structures can vary wildly between providers. Take the time to shop around and compare offerings from different payment processors. Look beyond the advertised rates and delve into the fine print. Consider factors such as service fees, account-keeping fees, smart routing capability and any additional charges that may apply.

 

2. Optimise Card Policies
To lure customers to their credit cards, banks offer a variety of offers and rewards. However, for the merchant, these come at a cost – higher monthly processing fees (somebody’s got to pay for all those benefits after all). You can often strategically minimise these expenses. Some ways are, use technology to re-route more
expensive cards to lower-cost rails, partially or fully surcharge, encourage customers to use debit cards or cash.

 

3. Invest in Point-of-Sale (POS ) Technology:
Upgrading to modern POS technology can offer more than just enhanced transaction processing capabilities. Some offer integration with loyaltyprograms and digital wallets, encouragingrepeat business while minimising processing costs. Invest in a POS solution that aligns with your franchise’s needs and budget while
prioritising cost-saving features.

 

Venue Smart has forged strong partnerships with the world’s leading payment acquirers, facilitating the processing of over a billion transactions daily. These collaborations afford them unparalleled purchasing leverage with access to highly competitive rates coupled with Australian-based support.

 

Chief Operating Officer Chris Adam says – “For many small businesses, payment processing can make a big difference to viability and profitability. Using only state of-the-art technology, Venue Smart offers low-cost services to enable your customers to make electronic payments quickly, securely and conveniently. In the contemporary market, a tailor-made solution is an essential tool for any business that takes digital payments.”

 

“Venue Smart’s integrated EFTPOS solutions have been a real game-changer. I’ve tried multiple facilities in the past from a number of different providers in order to reduce overheads, with no success until now” – Anthony, Cignall Franchisee.

 

“Working with Franchise groups like Star CarWash and FlipOut is a pleasure. EFTPOS
terminals and eCommerce gateways are our most widely used offerings, however two of our recently launched products are quickly gathering momentum.” says Will Devery, Venue Smart National Sales. “Our SoftPOS allows tradies and others to use their smartphone or tablet to accept payments.

 

Tap-on-glass technology allows businesses to take instant payments on-site without the concern of carrying around – and paying the monthly rental on, a traditional terminal. And our recurring payments (direct debit) solution is another avenue for business to cost-save and has seamless integration to business accounting software such as MYOB, XERO and Quick Books” adds Will.

 

Streamlined Financial Operations:

 

Direct integration automates the reconciliation process by syncing payment data directly into the accounting software. This eliminates the need for manual data
entry, reducing errors and saving time.

 

Cost Savings:

 

By automating manual processes, direct payment integration can lead to cost savings in terms of time, labour, and resources. Additionally, businesses may
negotiate better rates and terms with payment processors through streamlined integration.

 

Real-Time Financial Visibility:

 

With direct integration, payment transactions are instantly reflected in the accounting system, providing real-time visibility into cash flow, receivables, and payables. This enables more informed financial decision-making.

 

Improved Efficiency:

 

Integration eliminates the need for duplicate data entry across multiple systems, freeing up staff time for more strategic tasks. It also streamlines the payment process, from invoicing to reconciliation, improving overall operational efficiency.

 

Faster Payment Processing:

 

Direct payment integration enables businesses to accept payments more quickly and efficiently. Customers can make payments directly through the accounting software, reducing delays and accelerating cash flow.

 

Better Customer Experience:

 

Seamless payment processing enhances the customer experience by providing convenient payment options and faster transaction processing. This can lead to increased customer satisfaction and loyalty.

 

Conclusion

In the competitive landscape of franchising, every dollar saved on payment processing fees contributes to the overall profitability and sustainability of your business.

 

By implementing the strategies outlined above and exploring others with your current provider, franchise owners can take proactive steps to minimise expenses associated with payment processing. With careful planning and strategic execution, you can navigate the complexities of card fees and pave the way towards long-term financial success for your franchise.

 

For more information contact Will Devery: Ph: 0490 032 580
E: williamd@venuesmart.co
https://venuesmart.co