Do Payment Processors Want To Make Things Simple For You?

In Canada we have had the low rates, hardly any change, and the simpliest system for the last 11yrs since de-regulation in 1997 in North America.

Everything is about to change.

The goal of payment processors is to make things more and more complicated to justify new fees and constant rate increases.   If this is not their goal, then this is what can be observed with how they treat business owners.  They want to copy their US counterparts or parent companies. We’ve had it too good in the Great True North.

The pattern has been that start up Point of Sale companies keep lowering the rates and prices of terminals in hopes of capturing more business for themselves.  Ex. Other providers are offering $1000 for the terminals, so we will undercut them by $200.  What happens to these start-ups? Well…, they usually go out of business, because they find out later why the packages were priced that way in the market place.

The problem is while that example start up was around for 2yrs they tried to sell to hundreds of business owners. Now these owners think that if they get a terminal for over $800 that they are getting ripped off.  Comparing apples to oranges when you are allergic to apples is not a good idea.

Now the few solid companies around can’t sell their product because of the perceived value going down in people’s minds.  Since they can’t get rid of these many many start-ups, they get creative with their marketing.  They  focus on the business owner’s concern of low terminal prices, rates or rate increases.

The result?  A vicious cycle.  Less transparency, more confusing payment solutions programs all around, because they are trying to compete with each other, but each company has a different focus, so they are trying to make apples appear like oranges, since this is what the business owners want.  Not a good result for the potential customers either way- with the start-ups or the established companies.

The more complicated it is, the less business owners want to know about it and just pay their bills.  They have enough headaches to cope with. That’s the idea they want you to have.

What can you do?  It is even more important now to have a Payment Processing Expert to answer your questions, to help you find a solution that fits your business, and most importantly to get you approved?

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