Why Pay More?

7 Ways Your Processor Is Ripping You Off

 

When shopping for a payment processor, basing your decision solely on the rates could be one of the biggest mistakes you could make. 

Take a look at the ways your processor might be taking advantage of you, meaning less money in your account!

1. Improper Merchant Account Setup

91% of sales reps are not trained on proper account set up. This causes card transactions to clear at higher rates costing you thousands of dollars annually.

2. Information Entered At Point-of-Sale Is Incomplete

Merchants are not properly trained to deal with certain card types that require more data.

3. Processing Rates And Fees Increasing Yearly

Processors often raise rates two or more times per year, driving up your costs and eating away your bottom line. 

4. Not Explaining Pricing Programs

Visa and MasterCard categories are consolidated by each processor into groups with average rates called “qualified”, “mid-qualified” and “non-qualified”. The less qualified the transaction, the more you are charged.

5. Not Communicating “Special” Interchange Rates 

Special interchange categories are offered for various industry types with lower fees. It is important to ask your processor if your industry qualifies for “special” interchange rates.

6. Software Programs Not Capturing All The Critical Data

Software not capturing and sending all the critical data (cardholder #, expiration date, street address, zip code, cvv, etc.) through to the processor can cause transactions to incur additional fees. 

7. Not Communicating New Visa Rates for B2B Merchants

Visa has identified a full list of industries that qualify for special B2B rates.

 

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