Why people are paying too much for payment (credit card) processing. 

The best payment processing companies believe that caring for customers means keeping costs down and never increasing your rates. Unfortunately, there are more bad payment processing services than good ones. Why are people paying too much for payment processing? 

The answer is simple, because business owners are too busy to become experts in a specialized service. Bad information is fed to business owners through sales people. Long, complicated contracts & statements keep people from learning the truth until it is too late. 

I have outlined in this article everything to look for when choosing a payment processing company. Knowledge isn't just power in this case, it is cold hard cash in your pocket. Keep more of your hard earned dollars with a quick read of this article & a few simple steps that will make all the difference to your bottom line. 

Unfortunately, when looking into Payment Processing Services I found that the most advertised companies charge the highest rates! Looking to my bank I found the same thing. It took weeks of research to find a company which would provide a reasonable rate, uncomplicated statements, no extra fees, and convenience services to help my business run better. 

Most people pay too much in credit card processing rates because they don't know the difference between services. They get swindled into backwards reasons why they should get the wrong services. Or, they could initially see low rates only to have them jump up on them unexpectedly. 

Here are the payment processing features to save you from overpaying. They should be available to you regardless of how much you transact, the age of your business, or the risk of your industry. Don't let anyone tell you otherwise.

Rate Lock Guarantee 

This means payment rates will not increase for the life of your account. No bait and switch, no teaser rates, just simple & honest pricing. Don't just take someone's word. Have this guarantee in writing, always. 

Interchange Plus Pricing

Ask up front if the credit card processing service will give you interchange plus pricing, because this is the most transparent way to process credit cards available. Interchange plus pricing allows merchants to take advantage of the industry’s lowest cost to accept credit and debit cards. Also called interchange pass-through pricing, or cost plus pricing, this plan is typically reserved for only the highest-volume businesses, but now some payment processing companies will give every client this pricing plan to reduce your costs to the bare minimum.

Quick Pay

No signature required for select merchants processing transactions under $25. Speed up your lines by processing transactions without requiring your customer to sign the payment slip. Depending on your business this could be a simple service which will save you a lot of time and money in the long run plus keep your customers happy with fast transactions. 

Next Day Funding 

Get paid faster with next day funding service. For a small monthly fee you can see your deposits the next business day, so no more waiting for your money. 

E-Commerce Solutions

If you also have an online store, look for a service which will support your business in face-to-face & online transactions. Use your computer to process online credit card transactions with Merchant solutions & Gateway service.

Multi-tier Pricing 

This might still be suitable if your business has transactions with a majority of card present transactions, or who don’t want interchange plus for some reason. This way you’ll have fixed rates for every card type that you accept.

Ask About Fees

Be sure to ask about any additional transaction fees for “mid” and “non” qualified cards. Some processors increase the transaction fee for the most common types of cards such as Rewards or Corporate credit cards. If you pay “qualified” rates, you’re simply qualifying yourself to pay more. Look for a payment processing service where you’ll pay the same transaction cost for every card type that you accept.

This goes the same for Statement Fees, Monthly Minimums, or other Junk Fees because your statement should be easy to understand and you’ve earned the right to receive a paper statement and see your transaction history online for no cost. 

If you are paying extra fees for different type of rewards and qualified cards than whatever rate your company has quoted you is actually going to be quite more. A credit card processing company should give you your actual effective rate by analyzing your most recent payment processing statements. 

What to look for when choosing a payment processing company & merchant services:

• Better Business Bureau A+ rating
  
• No Contracts
  
• Good online reviews
  
• Exclusive Lifetime Rate Lock
  
• Interchange Plus Pricing
  
• Good customer service—no call centers!
  

Many merchant credit card processors look at your business as a mere dollar sign to cash in on and they lose sight of honest customer service. By finding out the payment processing services available and how they charge, you should be able to determine if they are looking to do the best business possible, or give you the bait and switch.

Feel free to contact me & my support team if you run into questions support@maingoesbig.com 

Too many of the businesses we came across were paying high fees & stuck in contracts they were not even aware of. This is why we looked for a service for ourselves which could benefit businesses of all sizes and all industry types.

Main Goes Big Payment Processing Services offer all of these features plus you get our team of experienced specialists. Check out more information about Main Goes Big Payment Processing Services Here.

Read more about credit card, payment processing, in this article: Merchant Services For High Risk Businesses.

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https://en.wikipedia.org/wiki/Interchange_Plus

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