Most business owners believe they pay unreasonably high merchant processing fees for their merchant account.
And many times they’re right.
For example, if you have been with the same merchant account provider for more than 3 years, you can probably reduce your overall rates and fees by getting a free merchant account review.
The question is, however, how can you know if their analysis will be accurate?
After all, if you do switch to another provider you want to make sure that you’ll actually receive any”promised” savings.
The Truth About Merchant Account Reviews
When speaking with a merchant account provider it makes sense to get a merchant account review.
So what does that mean?
Basically, you send in your most recent statement for review. That way they can make an analysis of ALL the rates and fees you are currently paying in order to determine if you qualify for lower rates.
Makes sense, right?
However, in order for a comparison to be relevant to you, it must accurately reflect what you are actually paying. After all, if the analysis is not an accurate reflection of your costs really are, any quote for services would be meaningless to you.
The question for you is this — how can you be sure that the cost analysis you get is accurate?
First, make sure they list all of the rates and fees you currently pay on one side of the page, and then the rates and fees you could be paying on the other.
Next, be sure they don’t lump all your costs into an “effective rate.”
Now, for your information a lot of companies do this. And the reason why they do this is simple. First, it means they don’t have to do a cost breakdown of your current statement (it is time-consuming to do it right, after all), and secondly they can “fudge” the numbers to show you an estimated cost savings that, quite frankly, is based on nothing.
After all, by showing you an “effective rate” they haven’t disclosed what your fees are going to be. Not at all.
Nor will they show you the rate surcharges for “mid-qualified” and “non-qualified” transactions — which is how they make up most of their profit margin… at your expense.
So, the bottom line is this.
It does pay to get a free cost analysis, because chances are a reputable company will be able to significantly reduce your overall rates and fees. Just be sure the analysis is complete and accurate.
And speak with more than one provider.
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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