{"id":6969,"date":"2021-11-22T10:08:02","date_gmt":"2021-11-22T10:08:02","guid":{"rendered":"https:\/\/jomsettle.com\/?p=6969"},"modified":"2022-08-30T10:02:23","modified_gmt":"2022-08-30T10:02:23","slug":"how-to-off-set-your-credit-card-transaction-fees","status":"publish","type":"post","link":"https:\/\/jomsettle.com\/ms\/how-to-off-set-your-credit-card-transaction-fees\/","title":{"rendered":"How To Offset Credit Card Transaction Fees"},"content":{"rendered":"
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Even in 2021, I was surprised to learn that many businesses still do not fully utilize their credit cards on business expenses because of their reason – It provides no benefit or why should I pay an additional 2.5% using jomSETTLE?

With jomSETTLE\u2122\ufe0f, you could pay anyone virtually using your credit card, even when they do not accept one. Yes, we do charge a 2.5% transaction fee per usage but does this 2.5% actually decrease your business profit, or does it benefits your business in another way?

Is 2.5% too much? Is that steep? If it does to you, then let me explain to you how you can easily offset these 2.5% transaction fees.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
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Early Payment Discount<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t

In many cases, when you placed a large number of stocks order from a supplier, they often offer an early payment discount to encourage you to settle the payment quicker.

In this scenario, if you were to settle this invoice using your credit card first, not only did not lose any money but you are on the winning side too.

Let me give you a further explanation on this,

Let’s say you ordered RM20,000 worth of stock from your supplier. The invoice stated – “8% discount if this invoice is paid within 7 days from the commencement date”. If you were to pay within the 7 days, you will only need to pay RM 18,400, which is RM 1,600 lower than the original price.

So if you can settle your invoice within the 7 days using your credit card on jomSETTLE with the early payment discount. You are only required to pay RM 18,400 + RM460 (2.5% transaction fee), bringing the total to RM 18,860. An amount that is RM 1,140 less than the original amount of RM20,000.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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This way, not only did you get the early discount benefit while offsetting jomSETTLE 2.5% transaction fee but you also manage to reserve the cash in hand longer for up to 30 days interest-free because remember, that you paid using your credit card first.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Long Business Turnover<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
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If your business has a long turnover time, then you need not have a lengthy introduction.

You get your stocks from your supplier, you paid them, you sell the stocks, you get the profit. Sound simple right? But what if this one complete cycle required a time frame of 2 months?

Not so simple now isn’t it?

Let’s say you have a cash flow of RM250,000 in your company and you paid your supplier RM150,000 to secure the stocks. Yea sure, your estimated profit will be RM400,000 when you sold off these stocks but this ain’t happening in the coming 2 months. What’s happening in the coming 2 months is how you manage your cash flow while paying your operating cost.

With the operating cost of RM 60,000 per month, which means you need a cash flow of RM120,000 to get through the coming 2 months before your next payment comes in. And not to mention the challenges your will face during these periods that might cause some delay.

But by using jomSETTLE, you can reduce the burden on your cash by settling some of your cash term business expenses using your credit card. This way, before your profit starts rolling in, you can continue to operate with a healthy cash flow.

Yes, you might have to bear the 2.5% transaction fee but which scenario is better for you? “Bear the 2.5% and operate with healthy cash flow” or “I don’t want to bear the 2.5% and operate with limited cash flow”.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
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Normal Business with Good Margin<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Similar cases like business turnover, but now we focus on your business expenditure. Let’s say you own a cosmetic business. You have staffs and stores that you need to take care of. Every month, your sales are around RM100,000 which is good enough to cover all expenses.<\/p>

But after paying off all your expenses, you had little cash in hand for your next big campaign to grow your company further. Are you gonna save until you got enough cash to run your next project or are you gonna go and apply for a business loan with the interest of 6%-18% per annum?<\/p>

Now, imagine if you pay all these expenses with your credit card first and reserved the RM100,000 cash in hand. You could use those cash to double up your monthly product quantities or even venture into a new opportunity that will increase your company sales.<\/p>

This way, you are getting access to immediate cash flow<\/a><\/strong><\/em> from just 2.5% transaction fee with your credit card at no interest for 30 days.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Conclusion<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Yes, paying bills with a credit card has a cost. Every smart business owner I know knows how to offset these costs or pass them on to customers or suppliers in some way. They calculate these costs in such a way that they are reasonable and manageable. They recognize that by finding a way to fund these costs (or at least the majority of them), the return on investment will far outweigh the cost of incurring the investment.

So don\u2019t make that error with your credit card fees. Pay your bills with credit cards. Your customers and vendors will thank you for it. So does your business cash flow.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tStart Now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Let's Stay in Touch<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Get updates on our latest articles<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
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<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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You May Also Like<\/p>\n<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Even in 2021, I was surprised to learn that many businesses still do not fully utilize their credit cards on business expenses because of their reason – It provides no benefit or why should I pay an additional 2.5% using jomSETTLE?

With jomSETTLE\u2122\ufe0f, you could pay anyone virtually using your credit card, even when they do not accept one. Yes, we do charge a 2.5% transaction fee per usage but does this 2.5% actually decrease your business profit, or does it benefits your business in another way?

Is 2.5% too much? Is that steep? If it does to you, then let me explain to you how you can easily offset these 2.5% transaction fees.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t

Early Payment Discount<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

In many cases, when you placed a large number of stocks order from a supplier, they often offer an early payment discount to encourage you to settle the payment quicker.

In this scenario, if you were to settle this invoice using your credit card first, not only did not lose any money but you are on the winning side too.

Let me give you a further explanation on this,

Let’s say you ordered RM20,000 worth of stock from your supplier. The invoice stated – “8% discount if this invoice is paid within 7 days from the commencement date”. If you were to pay within the 7 days, you will only need to pay RM 18,400, which is RM 1,600 lower than the original price.

So if you can settle your invoice within the 7 days using your credit card on jomSETTLE with the early payment discount. You are required only to pay RM 18,400 + RM460 (2.5% transaction fee), bringing the total to RM 18,860. An amount that is RM 1,140 less than the original amount of RM20,000.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This way, not only did you get the early discount benefit while offsetting jomSETTLE 2.5% transaction fee but you also manage to reserve the cash in hand longer for up to 30 days interest-free because remember, that you paid using your credit card first.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Long Business Turnover<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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If your business has a long turnover time, then you need not have a lengthy introduction.

You get your stocks from your supplier, you paid them, you sell the stocks, you get the profit. Sound simple right? But what if this one complete cycle required a time frame of 2 months?

Not so simple now isn’t it?

Let’s say you have a cash flow of RM250,000 in your company and you paid your supplier RM150,000 to secure the stocks. Yea sure, your estimated profit will be RM400,000 when you sold off these stocks but this ain’t happening in the coming 2 months. What’s happening in the coming 2 months is how you manage your cash flow while paying your operating cost.

With the operating cost of RM 60,000 per month, which means you need a cash flow of RM120,000 to get through the coming 2 months before your next payment comes in. And not to mention the challenges your will face during these periods that might cause some delay.

But by using jomSETTLE, you can reduce the burden on your cash by settling some of your cash term business expenses using your credit card. This way, before your profit starts rolling in, you can continue to operate with a healthy cash flow.

Yes, you might have to bear the 2.5% transaction fee but which scenario is better for you? “Bear the 2.5% and operate with healthy cash flow” or “I don’t want to bear the 2.5% and operate with limited cash flow”.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t

Normal Business With Good Margin<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Similar cases like business turnover, but now we focus on your business expenditure. Let’s say you own a cosmetic business. You have staffs and stores that you need to take care of. Every month, your sales are around RM100,000 which is good enough to cover all expenses.<\/p>

But after paying off all your expenses, you had little cash in hand for your next big campaign to grow your company further. Are you gonna save until you got enough cash to run your next project or are you gonna go and apply for a business loan with the interest of 6%-18% per annum?<\/p>

Now, imagine if you pay all these expenses with your credit card first and reserved the RM100,000 cash in hand. You could use those cash to double up your monthly product quantities or even venture into a new opportunity that will increase your company sales.<\/p>

This way, you are getting access to immediate cash flow<\/strong><\/em><\/a> from just a 2.5% transaction fee with your credit card at no interest for 30 days.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Conclusion<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Yes, paying bills with a credit card has a cost. Every smart business owner I know knows how to offset these costs or pass them on to customers or suppliers in some way. They calculate these costs in such a way that they are reasonable and manageable. They recognize that by finding a way to fund these costs (or at least the majority of them), the return on investment will far outweigh the cost of incurring the investment.

So don\u2019t make that error with your credit card fees. Pay your bills with credit cards. Your customers and vendors will thank you for it. So does your business cash flow.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tStart Now<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Let's Stay in Touch<\/p><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Get updates on our latest article.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Share on facebook Facebook Share on twitter Twitter Share on linkedin LinkedIn Share on whatsapp WhatsApp Even in 2021, I was surprised to learn that many [\u2026]<\/span><\/p>","protected":false},"author":4,"featured_media":6970,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[67,63],"tags":[],"class_list":["post-6969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-article","category-jomsettle-guide"],"yoast_head":"\nHow To Offset Credit Card Transaction Fees | jomSETTLE\u2122<\/title>\n<meta name=\"description\" content=\"Is 2.5% too much? Is that steep? 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