By datto
I probably get a few Business Owners a week who respond to a detailed merchant account quote that I email them w/ ‘what a great deal so and so company is offering’ without wondering “why does this deal sound so good compared to other ones?”
Transparency (as you’ll see in this example), Track Record (do they have any Happy Customers?) and Competitive Pricing (fair, not rock bottom) are the three most important things to look at when looking for Merchant Services for your business.
Here’s a great example to illustrate what Point of Sale Companies are leaving out of their quotes to appear ‘CHEAPER’. Name is changed in this example.
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By datto
THIS IS A LONG VERSION OF AN EMAIL RESPONSE TO A RECENT CUSTOMER. IT’S MORE DETAILED FOR THE PURPOSE OF THIS POST:
“Ms. Smith, I appreciate what you are saying, however, I’ve been talking to thousands of Business Owners just like yourself for over 6yrs (yes, I am biased). I’ve seen everyone’s numbers regardless of volume or business model.
Credit card acceptance is essential in this economy for any Small Business Owner. Just consider these ideas below.
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By datto
Lately, Aug/ Sept 2009, I’ve been getting a lot of Business Owners say that they are being offered 1.37% or 1.42% for a qualified rate for payment processing. First, I’d like to refer you to the last Blog Post that I wrote on Visa and Mastercard’s Wholesale Pricing to the Six Credit Card Processors in Canada. The gist of that post is that if the rate that you’re being offered is LOWER than the publicly posted Wholesale Pricing by Visa, then the company that is offering this fantastic deal is probably going to make up for it in other fees or will change this deal on you as soon as you penn your autograph to their multi-year contract.
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By datto
Just type into your Google search bar “visa canada interchange rates”. After 5mins of poking around, you’ll eventually come to their public, online PDF of their basic interchange rates.
The most simple way to understand what interchange is in regard to payment processing, without getting into the complexities of how the money flows or who issues the credit cards, etc., is to look at these rates as if they are wholesale pricing or buyrates From Visa to the Six Credit Card Processors in Canada.
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By admin
Here’s some great info on understanding terminology in regards to merchant accounts. Other names for the service to Businesses so that they can accept and process credit cards from their Customers in order for the Customers to purchase the businesses’ product or service: Merchant Services, Payment Processing, Merchant Processing, or Payment Acceptance, but Merchant Accounts is the most widely used term.
By admin
Please take a look at my ‘Squidoo Lens’ Article’: