How to lower credit card processing fees with OpenPay

Every transaction cuts into your profits, but you’re not powerless.Nobody likes fees, and credit card processing fees are the worst offenders. Every swipe, tap, or click costs you 2.5% to 3.5% of the sale. Doesn’t sound like much? Think again—if you’re processing thousands of transactions a day, that adds up faster than your morning coffee habit.

But there’s good news: You don’t have to sit back and let fees gobble up your hard-earned cash. We’ll break down exactly where these sneaky fees come from, show you how to shrink them, and explain how OpenPay keeps more of your revenue right where it belongs: in your pocket.

What might be affecting the cost of your fees

Credit card processing fees are the price of doing business with cards, and they come from three main sources:

• Interchange fees: Paid to the card issuer (expect higher fees for online payments due to fraud risks).
• Processor fees: What you owe your payment processor for handling the transaction.
• Assessment fees: Passed on to the credit card network to close the deal.

Different factors—like the type of card, payment method, and even your sales volume—affect these fees. But payment processors love to keep things vague so you end up paying more than you should.

How to lower credit card processing fees

Every transaction cuts into your profits, but you’re not powerless. Here’s how to fight back—and spoiler alert: OpenPay was built for this exact reason, to help you cut those fees at every corner while optimizing payment acceptance rates.

1. Use smart payment routing. Why stick to one payment processor that overcharges or declines half your transactions? OpenPay’s AI-driven payment routing directs payments to the processor with the best approval rate and lowest fees—saving you money and headaches.
2. Optimize payment methods. Some payment methods are like flying first class—nice but expensive. OpenPay helps your customers use more cost-effective options, like local wallets, ACH, or SEPA, which means fewer high-fee credit cards draining your profits.
3. Negotiate like a pro (or let us do it). Locked into a lousy deal with your processor? Not anymore. OpenPay’s multi-processor setup ensures you’re always using the processor with the best rates. We do the negotiating, so you don’t have to.
4. Lower failed payment fees with automated recovery. Failed payments lead to extra retry fees and lost revenue. OpenPay’s automated recovery tools handle failed transactions seamlessly, boosting approval rates and keeping your margins intact.
5. Reduce chargeback fees with better insights. Chargebacks are the bane of every business, but OpenPay keeps you one step ahead. With real-time alerts on payment anomalies, you can catch issues early and prevent chargebacks before they hurt your bottom line.
6. Eliminate redundant tools (and their hidden costs). Juggling multiple payment platforms? That’s wasted time and wasted money. OpenPay combines everything into one sleek platform, cutting vendor fees and letting you focus on what matters—growing your business.

The bottom line: With OpenPay, you’re not just lowering processing fees—you’re streamlining your entire payment ecosystem. No more fee creep, failed payments, or vendor juggling. We do the heavy lifting so you can focus on what you do best.

Ready to stop paying the payment tax and start keeping more of your revenue? Switch to OpenPay today—your wallet will thank you.