Did you know you could be receiving unnecessary charges on your merchant bill? As your business grows, it’s not uncommon to encounter unexpected fees and hidden charges that can eat into your profits. These could stem from outdated payment processing systems, non-compliance with the latest security standards, or even undisclosed fees from your payment service provider.
In SMEs, much of the mitigating risk management will be reliant on the tools available. It is commonly found that third-party payment providers will incur additional charges for security measures. At BMS, our aim is to help your business avoid these charges by providing transparent and cost-effective payment processing solutions, as well as helping you navigate the merchant industry with helpful advice and guidance.
Compliance Charges
PCI-DSS
One of the more controversial charges is for PCI-DSS Compliance, as a card payment security measure ensuring customer data protection through a rigorous set of standards. While it is not standardised by law, it is often found that the responsibility of the card processor is to establish the PCI Compliance fee.
The controversy comes from transparency issues, many businesses simply do not know whether they are compliant or not – which both can incur their own respective charges. It can be a charge that puts off smaller businesses partnering up with a payment provider. Especially since non-compliance can incur a hefty fee if your business is externally investigated in a data leak.
GDPR
In addition to PCI-DSS Compliance, businesses must also navigate other regulatory requirements such as GDPR (General Data Protection Regulation) if they operate within the EU or handle data of EU citizens. GDPR mandates stringent data protection and privacy protocols, and non-compliance can lead to severe financial penalties and legal repercussions.
Chargebacks
Another significant aspect of merchant services is managing chargebacks. A chargeback occurs when a customer disputes a transaction and requests a refund from their bank. This can happen for various reasons, including fraudulent transactions, dissatisfaction with the product or service, or errors in processing. Chargebacks not only result in lost revenue but also incur additional fees from the payment processor. High chargeback rates can lead to increased processing fees or even the termination of your merchant account.
To mitigate the impact of chargebacks, it’s essential to implement robust fraud detection measures, maintain clear communication with customers, and ensure accurate transaction processing. Educating your customers about your return and refund policies can also help reduce the likelihood of disputes.
Bespoke Merchant Solutions recognises this frustration and has dedicated its resources to a streamlined onboarding process for all merchants. Within this period, we can determine your exact needs and align the correct fees for your benefit. Our dedicated Account Managers can assess these needs and offer a bespoke solution for avoiding unnecessary charges on your merchant bill.
How BMS can help
Bespoke Merchant Solutions offers a free contract comparison service and assigns you a personalised Account Manager. Prioritising your security, you will also have a trusted Compliance Manager to work closely with you and understand your business needs. Your Compliance Manager will handle the PCI compliance form and manage ongoing compliance, allowing you to focus on what you do best – running your business.
Simply fill in the form below or call us on 0800 989 0142. We look forward to hearing from you!
