Are you tired of paying outrageously high credit card transaction fees? Of course you are. Who loves overpaying for anything, especially when the economic climate is continuing to deteriorate by the hour? These days, I'll even haggle over the price of a Big Mac.
Well dear bloggers, instead of sitting back and signing off another outrageous check, I decided to do something about it. I figured a 20 minute hold was worth saving thousands of dollars PER year, so this morning I waited patiently until I was finally connected to an American Express Merchant Services representative (after being transferred 3 times). I learned that if I modify the payment schedule, I could effectively save .21 percent of each fee. Instead of being paid every 3 days, I will be paid/funded every 30 days.
Now you might ask “Why would I do this?”
I'll tell you. Two simple reasons:
#1. I am making miniscule amounts of interest on my checking account balance (the rates these days are so low, it’s beyond ridiculous...it's ridiculous to the 10th power).
#2. I carefully calculated my interest LOST on getting money into my bank versus the amount of annual savings, and it calculated that I would end up making more money year end by lowering my transaction fees.
So if you own your own business or work in a financial advisory capacity, I highly advise you to look into this … it will save your company money most definitely.
In another life, I could've been a financial advisor.
Consider this a freebie.
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