I’m sure over the past few years lots of merchant account providers have called you promising “big savings.”
And maybe you switched to one of those companies, only to discover later that you’re paying about the same — or more — than before.
So what happened?
The truth about merchant account reviews
The fact of the matter is that most sales reps don’t accurately review your existing merchant account statement.
Usually they simply estimate your rates and fees by lumping everything together into an “effective rate” — which is misleading at best. Then they show you their “effective rate” (sure to be lower than what you’re paying). But in reality they haven’t analyzed your statement or broken down all the rates and fees side by side so you can compare them.
Why is that?
For one reason only… so they can hide their own processing rates, fees and surcharges which are rarely, if ever, disclosed to you.
In reality, a true merchant account review should start with a detailed analysis of ALL your current rates and fees. Then the company you’re talking with should be able to show you how they stack up using a side-by-side comparison. That way any proposed savings are there for you to see in black and white.
Further more, here are some questions to ask the person who is “analyzing your account:”
- are the rates you’re proposing “introductory rates?”
- did you take into account every possible fee?
- do you have a sales quota?
- how long is the analysis valid?
- is there an early termination fee if I choose to leave your company down the road?
- do you offer any free equipment programs/upgrades?
Make sure they ask for your most recent statement, since this will how the rates you’re paying right now.
Does that make sense to you?
I hope you found this information helpful. Please feel free to share your comments below.
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