To avoid paying the wrong merchant rates you need to understand the different types of merchant account rates.
Merchant account rates are only part of the expense of accepting credit cards.
Besides account rates there are other factors to consider.
Equipment costs
Misc. monthly or annual fees
Monthly minimums
Statement fees
And many more...
Avoid other companies that offer
super low merchant rate fees.
Read the fine print.
Be educated about your contract and statement. Watch for higher statement fees, higher rate categories base on the type of credit card your customer uses.
Example: A rewards card has a higher rate category than a standard credit card. You, the business owner, pay the higher rate to give the customer their next plane trip. Visa® and Master Card® now have over 300+ different rate categories. Rates categories have names like "qualified," "mid-qualified" and "non-qualified." You want to avoid any "non-Qualified" rates. These rates are the most expense and often can be avoided with better process at the time of acceptance. Please take some time to understand rate categories. Swipers.com takes pride in educating our customers on rates and different ways merchants can save money.
If you are or have applied with other companies be sure to get everything in writing. Account rates, qualified rates and complete equipment cost quotes. Avoid the hidden fee problems that come with shady merchant service providers.
