Credit Card Processing for Jewelers
Jewelers are facing increasing competition on several fronts. Internet marketing has made it possible for online wholesalers to gain a foothold in an already crowded market, and online auction sites have made resales easier than ever before. As a whole, 2013 saw an increase in gross sales but at a slower growth rate than in previous years ,according to a report from the U.S. Chamber of Commerce.
Consumer demand for jewelry is directly affected by the size of their disposable income. In a tight economy, consumer appetite for jewelry may diminish, and what little there is would gravitate toward affordable pieces rather than the highly profitable high-end jewelry. So, while jewelers may appear to be thriving, profit margins have been squeezed, making cost reduction a top priority for many jewelers if they are to weather these business cycles.
Finding Cost Saving Measures in the Jewelry Business
Many jewelers have successfully integrated their traditional stores with online sales. This has expanded potential markets without substantial build-out costs associated with brick-and-mortar sites. It also means reduced staffing needs and a more manageable payroll.
When it comes to cost of operations, however, payment processing remains a huge overhead. Credit and debit card interchange fees take up a substantial chunk of gross receipts, especially if the processor charges a percentage-based markup which takes a big bite out of profits from expensive items like luxury jewelry pieces. What if there was a way around these fees?
A Better Way to Process Card Payments
At Payment Depot, we have a better strategy to process your debit and credit card receipts. It is a simple process that lets you keep a larger portion of your gross sales than you would have otherwise. Most card processors charge fees based on a percentage of sales, but we don’t. At Payment Depot, we offer programs that feature a flat per-transaction rate as low as 10 cents each, and one low monthly fee, which varies from plan to plan depending on your preferences and expected sales volumes. Our system will make it easy for you to plan your budget, and it will also reduce the cost of accepting credit card payments for your goods, improving your margins.
Payment Depot Programs
We have designed three basic programs that hinge on how much card sales your business expects to process.
• Basic Membership – The subscription fee for basic membership is $199 annually or $20 monthly with a cost per transaction of only 25 cents.
• Most Popular Membership – Annual fee is $399 or $40 monthly with a per transaction fee of 15 cents.
• Best Value Membership – Annual fee is $599 or $60 per month with a per transaction fee of 10 cents.
In all cases, PCI fees, IRS fees and statement fees are included in the price so there’s no hidden fees that will creep up on you. Members are also not subject to cancellation fees or any surcharges for minimum and maximum transactions.
Jewelers who sell many high-value items will immediately see the impact of our programs on the bottom line. A transaction involving a $10,000 diamond ring purchase will be a charged a transaction fee of 15 cents assuming you are signed up for our Most Popular Membership program. The same transaction under other card processor’s systems will accrue processing charges of $200 based on a 2 percent interchange plus markup formula!
We think the savings speak for themselves!