Why Are My Merchant Account Fees So High?
It seems like many not all sales reps in the payment processing industry have different ways of manipulating merchants and I am fed up with it. Look here is the truth plain and simple every payment processing company in America have the same exact interchange costs and the only differences between the processing companies are what they charge over Interchange. So, the only way merchants can really know if they are getting a good deal is if they are on Interchange Plus (aka cost plus) which allows merchants to see true rate cost plus the actual mark-up. If you are still on tiered rates where you have a qualified, mid-qualified, and a non-qualified rate then you are paying much more than you need too.
New sales reps are popping up all the time and I understand that it is important to put food on the table and buy things for your family but at what cost? Some reps are uneducated and may deserve a pass on this but for the experienced reps and I mean the reps that understand this business in and out, it really makes me angry to know these reps seriously misrepresent quotes and contracts all the time. It affects the industry as a whole and puts a perception in the business owners mind that all of the payment processing companies are the same. This couldn’t be further from the truth, good companies and good reps exist you just have to do a little research before you commit to any one credit card processor. If a representative is willing to explain interchange and how it will benefit your business then they are probably ok to deal with, but if the rep is telling you exactly what you want to hear be cautious and verify information.
It you have any questions about this blog go ahead and click here
Bookmark To
No Comments