Five Things to watch out for with your current credit card processor
1. Dishonesty Have you been promised a certain processing rate yet when receiving your statement; they are higher than you were promised? Also, additional fee’s you weren’t aware of.
Most credit card processing companies focus and sell you on a low rate without explaining what will happen after a transaction. These extra hidden fees can sometimes be in the range of $50-$100 monthly and even more.
2. Bait and Switch Your current processor may lower your rates on the signing or when asked to explain or compare rates, but do not have to notify you when they raise your rates again which usually happens shortly after lowering.
3. No Customer Support Do you have a consistent and supportive relationship with the agent you signed up with?
Probably not. It is frustrating to not know who to call when you have a question or are in a time-sensitive situation. You should search for a company who will assign you an agent you trust from building rapport and who will be the one answering when you call.
4. PCI Compliance? Never heard of this before? Yikes. Does your current processing company walk you through and make sure you are PCI compliant?
Chances are, they do not. PCI (Payment Card Industry) is required if you process credit cards of any type. If you are not PCI compliant, you are billed a minimum of $29.00 each month and you are 100% liable for any breaches that could happen. That could put you out of business.
5. Stuck in a Contract with cancellation fees Did you know you do not have to be in a contract with a processor?
Signing a contract does not lock in your rates – it only locks you into the processor.
You should want to stay with your processor because you want to, not because you have to. Look for a company who does month-to-month agreements with no cancellation or termination fees. Pay it Forward Processing is honest, transparent, will assign you a dedicated agent, walks you through PCI compliance and has NO contracts or termination fees. If you are not happy with your current processor, we’d love to do a side by side comparison and educate you on where you might be paying too much for your credit card processing!