One of our large volume fine dining restaurant client’s was approached by Bob who said he would save them over $300/mth on their fees. Our client asked us to evaluate. We said we needed to see the rates Bob was presenting, not just a number of $300 with nothing to back it up. It took the client 10 days to … Read More
April Rate Increases 2018 – The Real Story!
Every spring and every fall the association of banks get together to decide if they need to raise any credit card interchange rates or fees. You know the answer to that. It is always a resounding YES! 99% of all card processors get all their salivating executives together to decide how much to bump up the real increase to … Read More
A Law of Attraction Story
We have a bank, US Eagle, who refers us their clients for card processing. We got a call recently from one of the referrals. This woman had a small, seasonal business and wanted to get set up for card processing. We told her to sign up with Square and then call us when her volume got larger. Square does not … Read More
Bob From Brand X – How Processors Lie About the Rate on their Monthly Statement!
A new merchant contacted us recently about comparing our rates to his current processor. He told us the low cost plus rate he thought he was paying. He even verified it with his processor that this rate was all he was paying. When I got the statement, sure enough, there was a very low rate in plain site. However, when … Read More
Bob From Brand X – Will My Rate Ever Change?
When asked about rate increases, Bob from Brand X always LIED, (that’s right I said LIED) and said that rates would never change with him. The fact is that 99% of processors raise rates whenever they want to. Typically they raise rates when they are getting ready to sell out to a bigger processor, in order to inflate their bottom … Read More
To Decline AVS Mismatches or NOT?
Do you ever wonder if it is a good idea or not to decline cards online which do not have an address match? The question is if you decline the card, will you miss real business. Or will you save yourself money reducing chargebacks? Well one of our customers has shared the data from their company. They do inflatable party … Read More
How to Choose a Merchant Services Processor!
Work with a salesperson who is honest up front and who will disclose all the fees, someone who has been in the business and knows what he is talking about and can explain all the fees to you; not some slick, sales, Willies, intent on keeping the fees confusing so he can pull the wool over your eyes. Make sure … Read More
Compare a Merchant Account to PayPal
PayPal is what is called aggregate processor. They aggregate all their merchants into one merchant account. One benefit is that they do not charge individual merchants PCI fees, because none of their individual merchants have an individual merchant account. But let’s also examine the disadvantages for the merchant.
Daily Discount Nightmare Compared to Monthly Discount!
Most merchants get charged all their credit card processing fees at the first of the month following the month when the transactions took place. Credit Card deposits each day match their cash register daily credit card deposit summary. At the end of the month the deposits on their merchant account monthly statement match exactly their bank statement. This is called … Read More
Fees on Refunds
When a merchant runs a transaction, the amount is assessed a rate and a transaction fee. Generally the rate is an assessment of risk and the transaction fee is a cost for accessing the digital network. When the merchant refunds a transaction, only a transaction fee is charged. The rate is not charged a second time because there is no … Read More
