If you think it’s time to compare merchant services and see if you can get a better deal, there are a few points to keep in mind during the review process.
For starters, not all comparisons are created equal.
Meaning, some companies accurately review your existing merchant account, while others will use estimates by breaking EVERYTHING down to an “effective rate.”
So what’s an effective rate?
Exactly. That’s my point…
Three Factors to Review
Briefly, there are three factors to keep in mind (and double-check) when you are getting a comparison. They are:
- Accuracy
- Savings
- Guarantees
Let’s review each one in a bit more detail.
Unless you have a good idea how much you’ll actually save by switching merchant account providers, it doesn’t make any sense to change your account.
So how will you know if your projected savings are accurate?
First of all, anyone doing a comparison will have to review your existing merchant account. That way they can break down extra fees, interchange surcharges and other hidden costs that were probably never disclosed to you in the first place.
It’s all there in black and white on your statement… IF you know how to read it.
Secondly, you’ll want to see a breakdown of rates that were used to calculate your projected savings. Think of it like like a before and after snapshot– you know, this is what you are paying, this is what you could be paying.
That sort of thing.
You’ll have a good sense that projected savings are accurate by reviewing the comparison worksheet or analysis to see how many fees and costs are listed there.
Finally, you will want to ask the companies you are speaking with to provide you with any rate guarantees.
In other words, what’s the point of switching account based on rates that look good BEFORE you sign up, only to have those rates increase AFTER you become their customer.
As long as you follow those three tips you should be in good shape regarding your merchant account.
How to Get a Merchant Account Comparison
To find a credit card payment processor for your business, there are a couple of ways you can get started.
You can click on the link below to get a free rate quote from qualified and reputable providers, saving you time and aggravation:
CLICK the link and compare free
merchant account quotes today >>>
Or you can visit our new merchant account set up tips page for more information about how to find the right credit card payment processor.
The choice is yours…
Comments? Questions? Other merchant account issues you’d like to share?
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As I drive around these days it seems there are more “for lease” signs than ever before. And we all know the various reasons why that’s the case.
