Educate yourself and employees on how credit card processing works. You can avoid unnecessary fees and expenses by these few simple instructions.
Know what your merchant service provider actually offers. Most service providers quote "discounted" rates but do not educate you about the hidden fees and charges that can really add up if you do not understand the process.
Be sure you understand quotes from other service providers. "Zero" percent never means "zero" when other fees are higher than the norm.
Equipment pricing can really vary among merchant providers. Be sure you find the right solutions for your credit card needs. Swipers.com offers a price guarantee to help take the fear out of purchasing credit card equipment.
Here are a few options to consider when purchasing credit card equipment.
Do you only accept credit cards in your office or business?
Do you travel and accept credit card orders on the road or at a trade show?
Do your run a mail order business where you actually enter the credit card info without the customer present?
Do you want to approve checks and debit cards?
Avoid contracts that may lock you into using a merchant service provider.
Contracts allow processors to increase your rates at any time.
Canceling in the midst of your term means paying a steep termination fee.
You should be able to cancel your agreement at any time without penalty
Avoid Termination Reprogramming fees:
Some Merchant Service Providers make money by hitting you with termination and reprogramming fees.
Reprogramming actually is simple and inexpensive.
Be sure to have the correct type of merchant account.
Example: If you run a restaurant you would always have the customer’s card present and would never key in the actual card info like a mail order business would.
If a merchant service provider is not willing to educate you about how the process works, they will not offer you the best options.
