Credit Card Processing (a guide to fees)

Credit Card Processing (a guide to fees)

Estimates of the use of credit cards in hotels have been compiled by CBRE Hotels Americas Research, and along with rising percentages of revenue derived from commissions, risk has declined with the implementation of EMV.  Six months ago, U.S. Hotel revenue was growing, but slowing down.  In the last year, credit card processing companies have been in the spotlight, and the terrain in Washington has changed again. Companies looking to leverage the consolidation of multiple banking products within a relationship with one organization have taken advantage of attractive credit card processing programs offered through associations like ours.

The Washington Hospitality Association has developed a program, powered by US Bank, that offers rates that are so competitive that, if after evaluation of your last three statements, we can’t meet or beat your current contract, will give you $500 dollars for your time.  We are that confident in our new program.

In the meantime.

Collect your contracts, take a good look at them, and understand the fee structure (even the “hidden” ones).  Then, when you really have a sense of what you are paying for your processing, give us a call. We will compare notes.  For many association members that call has saved hundreds and thousands of dollars in the next fiscal year.

Those savings came from fee processing.  Many have taken further advantage of other products and have brought all of their transactional banking under one roof.  If your job is to calibrate your financial systems in order to save money and maximize financial efficiencies, our program is worth a call.

To get started read some of our recommendations below when assessing your own credit card infrastructure and banking systems.

Washington Restaurant Market Watch: Beware of credit card miscoding

8 FAQs about EMV credit cards

The Complete Guide to Credit Card Processing Rates & Fees