Have you ever looked at your credit card processing statement and questioned “why is my provider taking so much of MY money?”
All businesses that accept credit cards require a merchant processor in order to transact their sales, evil as they may seem – merchant services are necessary. However, you don’t have to buy in to the gimmicks, markups, and contracts that traditional providers impose. Here are some basic Dos and Don’ts for your credit card processing services:
DO: Pay direct cost of credit card processing.
DON’T: Pay basis points or percentage markups. Even if you think you’re on a good plan, check again. Direct cost, known as interchange, is the same for all providers. Anything above interchange is a waste of your money.
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DO: Ask about any extra charges or fees.
DON’T: Pay any ancillary fees including batch fees, statement fees, PCI compliance, monthly minimums, the list goes on. Providers already try to profit off of your business’ volume, then they nickel and dime you with these extra costs. It’s just adding insult to injury.
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DO: Make sure there is no termination fee.
DON’T: Sign up for long-term contracts. If your provider isn’t delivering and you’re not happy, you should be free to go with no penalty.
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DO: Have direct contact information for a specific customer service representative.
DON’T: Waste time listening to hold music for the 1-800 number you dialed in to. With some merchant processing companies, you’d have better luck baptizing a cat than you’d have getting through to a live representative.
Processing payments is the bloodline of your business. Your merchant services provider should be helping improve efficiency, bringing transparency, and providing dedicated customer service. If your credit card processor isn’t fulfilling those qualities, it’s time for a switch. Find a provider that offers unlimited processing at direct cost without a contract, because only your business should be profiting from your business’ success.
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This guest post comes courtesy of Suneera Madhani, Fattmerchant CEO and Founder. Fattmerchant is a subscription-based merchant services provider, offering unlimited credit card processing at direct cost – 0% markups, no ancillary fees, and no contract. For more information visit Fattmerchant.