Accepting card payments at your laundromat can lead to questions that aren’t always easy to answer. Whether you’re just getting started or need a refresher on credit card processing, here are answers to five FAQs that can help your laundry business better understand the basics of accepting card payments.
1. How much does payment processing cost?
The cost of card payments acceptance can vary depending on your business’s account setup, types of card payments accepted, and the volume of transactions processed. A payment processor will work closely with your businesses to ensure that all factors are optimized to save money.
It’s worth noting the major fees that comprise the cost of accepting card payments. They include (but aren’t limited to):
2. How does my business get the best payment processing rates?
First and foremost, work with a payment processor that understands the unique needs of laundry businesses. Processors with deep experience the laundry industry can identify areas of cost savings and payments optimization. They can also help determine if your business is eligible for card network partner programs that can reduce interchange fees for smaller tickets typically associated with laundry card payments.
3. How long does it take to set up a payment processing account?
The time needed to set up a merchant account depends on a variety of factors but, in general, it takes approximately 2-4 business days. The first 1-2 business days are required to get the account approved and the next 1-2 businesses days are needed to issue credentials.
4. How does my business get the money from card payments?
CCI systems automatically close payment batches daily and those funds are immediately deposited into your selected bank account. The deposit usually arrives 1-2 business days after the batch closes. Therefore, as batches close daily, you should expect a deposit every day.
5. Can my business blacklist specific problematic cards?
Payment transactions from known problematic cards can be prevented with the proper fraud tools. Be sure to communicate your needs to your payments provider to ensure you have the right fraud detection and prevention strategy for your business.
Fraud can also occur via “friendly fraud” when a customer knowingly makes a payment and later disputes it with their issuing bank, thereby initiating a chargeback. Chargebacks can be costly for business owners, from time spent on disputes to fees incurred when disputes are lost. Learn more about the basics of chargebacks and tips on how to prevent them.
What else can we answer?
Every laundry business will have its own questions about card payments acceptance. Please reach out to CCI’s Technical support team at firstname.lastname@example.org or 1-866-860-1660 if you have more questions on payment. Thank you to Paystri for this informative information, as a payment processor that partners closely Card Concepts Inc. and its customers, Paystri is uniquely aware of the most frequent payments-related questions asked by laundry businesses like yours.