Canadian Retailer - Winter 2013 - 42

RETAIL QUICK TIPS
DID YOU KNOW THAT THERE ARE
SIMPLE WAYS TO AVOID EXTRA
PAYMENTS PROCESSING FEES?
BROUGHT TO YOU BY RETAIL COUNCIL OF CANADA AND CHASE PAYMENTECH
NAVIGATING through the payments process can
cause headaches for even the largest of retailers. But
for independents, it can be downright complicated.
There are numerous tips concerning the process that
Retail Council of Canada’s (RCC) membership team
offers retailers on a daily basis. Chase Paymentech
recently teamed up with RCC to develop a list of
some of those tips and best practices to help you
and your business. Did you know that saving time,
money and frustration could be this easy?
Avoiding extra and unnecessary fees
• To avoid extra fees, close your batch within 72
hours after processing a credit card transaction.
Otherwise, the transaction gets ‘downgraded’ to
a higher ‘non-qualified’ fee category
• You can save money by returning spare terminals
that may be sitting in storage. Stop paying
monthly rental fees or service fees on unused
terminals by returning them to your processor.
• If you are processing Visa or MasterCard with an
alternative provider, you are likely paying additional
unnecessary fees. Process everything with
Chase Paymentech to ensure you are getting the
full benefit of RCC negotiated rate savings.
• If you need to reverse a transaction that has not
yet been settled, you can use the “void” function
instead of doing a “refund”. This eliminates
processing fees and still provides you with
a receipt for your customer.
• If you process a card by manually entering or
keying the card number, it is automatically
considered as a “non-qualified” transaction and
carries a higher processing cost. If you are having
issues with your chip reader, please contact
your payment processor for assistance.
Managing chargebacks
• If you receive a ‘Chargeback notification’, you
may have a limited number of days from the
date of the letter to submit a response. Make
sure you carefully read your chargeback notification
so you can respond to any issues.
• You are exposing your business to chargeback
risks if you manually enter or key card numbers
without a proper card imprint and signature or if
you swipe a chip card instead of inserting it.
Reporting
• You can get a shorter report with just the
totals if you don’t need the long detail report
that prints out during your settlement. Check
your POS terminal manual or call your payment
processor to get help changing your
printer settings.
• You can sign up for web-based reporting so
that you can download daily reports and statements.
This is a great tool to help you manage
your payment data. Contact your payment
processor to enrol today.
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Canadian Retailer - Winter 2013

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