We've all been there; a promotional cable advertisement is received in the mail that is far more competitive than the rates we currently pay. At first, we wave it off, but curiosity gets the best of us, and as we read through our last few monthly statements, we realize the rates we're receiving no longer resemble what we signed up for.

Over time, the same thing can happen to you with your payment processing expenses. You may find that fees from your vendors have changed, increased or multiplied as time passes from the date you signed up. For now, let's focus on just credit card fees and not all the additional costs from other payment vendors.

In the order of importance, here are three tips I always provide businesses to ensure they are enjoying the best rates for their credit card payments. It's important to note that the opportunities outlined only apply if your acquirer, sometimes referred to as a processor, offer an interchange-plus pricing option. In a simplified pricing model (i.e. 2.9% + $0.30), the opportunity for the savings defined below would benefit your processor rather than you.