Continuing on our 4 part series of mistakes made by business owners when buying and maintaining credit card processing services, here is part 3.
- Before and after the sale Unfortunately it’s common in this industry for a representative to “add” extra fees and charges after you’ve signed the agreement. Worse, the monthly statement that most processors give you is so confusing you most likely never notice it.
It’s not like most any other industry where a provider actually delivers on a price that is quoted. Verify it for yourself. When you sign the contract application insist on a photocopy of it. If you signed a digital copy, insist on an e-mailed copy of it. Print it. Read it. Verify it. When you get your first statement verify if all the prices are correct and call the 800# to customer service, not your representative, to get it fixed as you have 30 days and the contract and rates “stick”. If you don’t understand the statement, call your representative or customer service and have them explain it to you.
- Biannual rate increases Every spring Visa and MasterCard adjust interchange rate structures which means that rates usually go up. It’s a common practice to not only pass along the increases but increase their margins. It’s fair that merchant providers pass on the interchange increase with nothing extra added. It’s not fair to tack on a “padding” to increase their profit margin and blame it on Visa and MasterCard. So called “Cost Plus” or “Interchange Plus” should insulate you from these “additional increases” for the most part.
Thanks for reading our 4 part series.
Contact Merchant Zoom today and we’ll consult with you on your best options.
Headquartered in Pinole California, MerchantZoom, Inc. was founded by Wally Arakozie. Previously employed by one of the largest merchant processing companies here in California for nearly a decade. Since the company’s beginnings MerchantZoom, has grown into a reputable national merchant provider. Along with delivering state of the art technology and competitive rates, MerchantZoom, thrives on personalized local customer service and support. In order for your business to ZOOM!
759 Appian Way Ste 1A Pinole, CA 94564
Content Release Date June 26, 2017 – MerchantZoom Inc.
Press Release by 72 Charms LLC, content is the responsibility of MerchantZoom, 72 Charms simply does it’s work for hire, contact us if you need to promote your business, otherwise, contact, MerchantZoom at http://mchzoom.com to take care of your processing needs. If you need social media content management or WordPress design reach out us at www.72charms.com