At the TOP Performance Center, we’ve studied the Merchant Service industry and discovered the 5 ways these companies rob from your bottom line.
Well, actually there are many more than 5, but read the following list to find out what the major ones are.
5 Ways Your Merchant Service Provider is Robbing You
How many of the following are true for you? Even if there is 1, you are being robbed and you should do something about it ASAP.
Warning Sign #1 - Since Signing Your Contract, Your Rates, Monthly Fees, etc. Have Increased
Somehow, it is not uncommon for merchant service contracts to magically change. Usually without you even knowing it.
With most Merchant Service Providers, their low monthly fees promised and great introductory rates (used to persuade you to switch to their service) have changed.
Good advice: Be sure to review your statements regularly to assure you are still being charged what your contract states.
Warning Sign #2 - High Monthly Fees
Whether your introductory fees have gone up or your fees were high from the beginning, if you are paying any higher than 1.99% per transaction, you’re being robbed.
Good advice: Don’t sign up for a service unless they offer at least a 1 year, and ideally a 3 year freeze on their rates and service fees.
Warning Sign #3 - Hidden Fees
Many Merchant Service Providers will offer very low rates to make you think you have gotten a great deal from them. But then they tack on hidden fees that when assessed, cost you more of your revenue than the higher rates would have cost you.
Good advice: Check your statements for any of the following hidden fees (they will probably be hard to find). If you are paying any of them, you are being robbed.
Warning Sign #4 - No 24 / 7 / 365 Customer Service & Technical Support
If you can’t reach someone to help you process a transaction, troubleshoot equipment or ask questions 24 hours a day, 7 days a week, 365 days a year - You will eventually lose a sale… if you haven’t yet.
And in someone, this does not include the salesperson who sold you the service and then passed you along to the Merchant Service Provider that bought the contract.
Good advice: Keep customer service phone numbers handy because if you have equipment or a virtual terminal, you will eventually need support processing a sale.
Warning Sign #5 - You Are Stuck in a Contract
Unfortunately, this is something you can’t get away from… unless you use a month to month service. (And if you do, your monthly fees and rates will be at least 100% what they should be)
If you are in a contract, you may think you are stuck. You’re not. But you might have to pay around $300 to break the contract and sign up with an honest, reliable merchant service partner.
Good advice: Some providers will let you break your contract without a penalty, some won’t. If you’ve come to the decision that you are being robbed, don’t let it continue.
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Written by Grant Robinson, Founder of the TOP Performance Club and Administrator of the TOP Performance Blog. To find out how you could save 10% to 30% on your rates and fees (or get $300 if we can't match or beat them), visit: www.LowerMyFees.info.
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Well, actually there are many more than 5, but read the following list to find out what the major ones are.
5 Ways Your Merchant Service Provider is Robbing You
How many of the following are true for you? Even if there is 1, you are being robbed and you should do something about it ASAP.
Warning Sign #1 - Since Signing Your Contract, Your Rates, Monthly Fees, etc. Have Increased
Somehow, it is not uncommon for merchant service contracts to magically change. Usually without you even knowing it.
With most Merchant Service Providers, their low monthly fees promised and great introductory rates (used to persuade you to switch to their service) have changed.
Good advice: Be sure to review your statements regularly to assure you are still being charged what your contract states.
Warning Sign #2 - High Monthly Fees
Whether your introductory fees have gone up or your fees were high from the beginning, if you are paying any higher than 1.99% per transaction, you’re being robbed.
Good advice: Don’t sign up for a service unless they offer at least a 1 year, and ideally a 3 year freeze on their rates and service fees.
Warning Sign #3 - Hidden Fees
Many Merchant Service Providers will offer very low rates to make you think you have gotten a great deal from them. But then they tack on hidden fees that when assessed, cost you more of your revenue than the higher rates would have cost you.
Good advice: Check your statements for any of the following hidden fees (they will probably be hard to find). If you are paying any of them, you are being robbed.
- Chargeback Fees
- Retrieval Fees
- Termination Fees
- Gateway Fees
- Gateway Per Item Fees
- Non-Refundable Setup Fees
- Batch Fees
- Daily Close-Out Fees
- Cancellation Fees
- Minimum Fees
- Minimum Monthly Fees
- Pass Through Fees (these vary)
- Over Limit Fees
- Voice Authorization Fees
- Bank Setup Fees
- Software Fees
- PCI Compliance Fees
- Licensing Fees
- Annual Fees
- Amex/Discover Setup Fees
- Statement Fees
- Customer & Technical Support Fees
Warning Sign #4 - No 24 / 7 / 365 Customer Service & Technical Support
If you can’t reach someone to help you process a transaction, troubleshoot equipment or ask questions 24 hours a day, 7 days a week, 365 days a year - You will eventually lose a sale… if you haven’t yet.
And in someone, this does not include the salesperson who sold you the service and then passed you along to the Merchant Service Provider that bought the contract.
Good advice: Keep customer service phone numbers handy because if you have equipment or a virtual terminal, you will eventually need support processing a sale.
Warning Sign #5 - You Are Stuck in a Contract
Unfortunately, this is something you can’t get away from… unless you use a month to month service. (And if you do, your monthly fees and rates will be at least 100% what they should be)
If you are in a contract, you may think you are stuck. You’re not. But you might have to pay around $300 to break the contract and sign up with an honest, reliable merchant service partner.
Good advice: Some providers will let you break your contract without a penalty, some won’t. If you’ve come to the decision that you are being robbed, don’t let it continue.
-----------------------------------------------------------------------------------------
Written by Grant Robinson, Founder of the TOP Performance Club and Administrator of the TOP Performance Blog. To find out how you could save 10% to 30% on your rates and fees (or get $300 if we can't match or beat them), visit: www.LowerMyFees.info.
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