7 ways to save money on merchant services
TRANSCRIPT
7 WAYSto save money on Merchant Services
#1Understand that Merchant
Accounts and Gateways are different
Merchant Account type of bank account that allows a business to accept payments by debit or credit cards.
Payment Gateway an application service provider that authorizes transactions and processes payments.
There are companies that sell merchant accounts and there are companies that sell gateways only.
Save yourself the time, hassle, and money by doing business with a company that can do both.
#2Make sure you’re PCI compliant
Did you know there is a FINE for NOT being PCI compliant?
Many merchant services companies don’t care if you’re PCI compliant because they can end up making more money anyways.
If your merchant services company is NOT trying to get you
PCI certified, just say…
#3Use a merchant services
specialist,not a bank
1. Banks don’t really provide their own merchant services, they often contract out to a third party.
2. They sometimes charge you for the additional money to hand your business to someone else.
Avoid the middle-man and choose a company that can provide the specialized merchant services you need.
#4Require personalized service
This is a business partner who is handling your money.
If their idea of customer service is an outsourced phone number or email address then STOP and say no thank you!
#5Choose the right solution for
your needs
Find a provider that can do it all.
This not only simplifies things drastically…
…it also cuts out the ability for different companies to start pointing fingers at one another.
#6Choose fixed rates not tiered
pricing
Before you sign anything, make sure your provider is offering fixed flat rates.
Tiered pricing is a red flag!
This includes rounding which you will want to stay away from considering most companies will round in their favor not yours.
#7Watch for small additional fees
Ask about• Application fees/ Sign up fees• Monthly minimums• Minimum transaction size• Monthly maintenance fees
