GoPayment gives any business the ability to accept mobile payments. With just your smartphone or tablet computer, you can process credit card transactions from anyone, anywhere, anytime.
But how much money can your GoPayment account handle? What’s the maximum dollar amount of credit card payments that your business can process using GoPayment in a given month?
The total dollar amount of credit card transactions that your business processes is called your account’s card volume. For security purposes, the default card volume on your GoPayment account is set at $5,000 per month (or $10,000 if you process transactions using QuickBooks software).
Changing Your Card Volume
This maximum card volume isn’t set in stone. If your business needs to raise this monthly processing limit because you think you plan on processing a higher level of credit card transactions using mobile payments, then GoPayment allows you to request an increase in your card volume. You can do this by navigating to your Account Profile and viewing the dollar amount next to the words “Approved Card Volume.” If you want to increase that figure, click on the Request Increase link next to the dollar amount there, enter your desired card volume when prompted, and click Submit. GoPayment will usually process this request within three to four business days.
How High Should You Go?
This brings us back to the original question: how high should you set your card volume?
Obviously, this answer differs for every business. For many businesses, $5,000 per month in revenues may be perfectly adequate. You don’t need to worry about your card volume limit unless you’re reasonably sure you’re going to exceed that number, perhaps due to a particularly busy month.
If you do raise the limit, how high should you go? Some of the factors which you should consider include:
- average and maximum monthly revenues for the past year or two
- average and maximum monthly credit card transaction revenue over the same time period
- projected seasonal spikes in revenue
- projected business growth in the near future
Based on this data, it’s wise to aim high and select a card volume that you would like to be able to process with GoPayment within a given month. It costs nothing to submit this request, and it’s wise to do it sooner rather than later so you can avoid the possibility of having a transaction held if you exceed your monthly maximum.
GoPayment wants to help all business owners achieve their revenue goals and will work with you in establishing a card volume that best suits your business needs. So spend a few minutes considering how much money you can earn each month using GoPayment’s mobile payments system. And don’t be afraid to think big!