Merchant Accounts and Interchange Fees
Transaction processing is a service that is needed by most businesses today, but providers of merchant accounts still have to compete for business, even though some of them seem to forget that fact. All transaction processing companies still have to deal with the same key players: Visa, Master Card, American Express, and Discover. They deal with those four companies on a pretty level playing field where the difference comes in is how they deal with you, the merchant. Do not believe the claims of so-called wholesale credit card processors, they have to do business with the big four the same way as all the others.
Leasing equipment is a favorite way for credit card processing companies to extract more money from their customers. The offer of terminal equipment for no money up-front might sound like a great way to reduce start-up cost, but terminal equipment can be obtained reasonably without having to pay $25 or more each month, which can add up to a really expensive terminal over time. Low-ball rates should be red flags; if the rates offered seem too good to be true, look out for hidden fees which can more than eliminate any savings you think you might be getting. Do not get locked into a long term deal with high cancellation fees. These are designed to make it more expensive for you to leave if you do not like the service you are getting; there are plenty of credit card processing providers that do not charge a cancellation fee.
Before selecting a provider to do your credit card processing, be sure to check their references. Any business worth its salt will be able to provide you with a list of satisfied customers that will be more than happy to share their experience with you. And, once you sign up with a merchant account provider, take a close look at your bill to make sure that you are actually being charged for the credit card processing you expected when you agreed to the arrangement.
Need immediate assistance? Complete this form or call us today at 888-383-8056.
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Are you shopping for a better rate? Let us save you money!
Most merchants are unaware that interchange rates are adjusted as much as 2x per year. Over the course of several years, those adjustments can hike up a merchant’s rate and cost the merchant thousands in processing fees. Contact us via the form above, or call us today at 888-383-8056. Chances are, we can save you up to 25% over your existing rates and fees!
Why do businesses choose to work with The Transaction Group?
- We aim for 100% customer satisfaction. We understand that the customer comes first. At the end of the day, if the customer is not happy, we’re not happy.
- We offer a FREE rate analysis to every business. In most cases, we can save a business up to 25% on existing rates and fees. But if we can’t beat a customer’s rate, we’re upfront from the start. We don’t waste the customer’s time.
- We are reliable and always available. If a customer has any concerns, we’re available even after business hours. We’ll address any issues immediately.
- We don’t believe in one-size-fits-all.We provide solutions based on the specific requirements of each and every business. What’s best for one small business may not work for another.
- We have a fast & easy setup process. In most cases, we offer a fast and easy approval and set up. While some high risk businesses can have longer underwriting times, we keep the customer informed throughout the process and work for fast approvals.
- We have solutions for every business type. From low-risk card-present credit card processing solutions to payment processing solutions for high risk e-commerce stores, we’ve got it all.