Guest Blog Post by Account Manager Mick Collins The Credit Card industry has a bad reputation. Many sales reps of processing companies only care about locking your businesses into a lengthy contract that will only sweeten the deal for their commissions or end of year bonuses. To get that ink on paper, they will say or do almost anything just to get your signature. Free hardware, isn’t actually free A typical offering in the credit card processing industry is offering ‘free’ hardware in exchange for a 2-4 year (sometimes longer) contract. But here is what they don’t tell you. The cost of that hardware is recuperated overtime through the transactions costs and processing fees. So in essence, you’re still paying for your own hardware, and it was never ‘free’ in the first place. Lesson: READ THE FINE PRINT! If the rate is too good to be true, it probably is. 1.59%… can it be? No, it can’t. I hate being the bearer of bad news, but when a sales rep says they can get you a ridiculously low rate, what they are actually saying is the rate only applies to ‘qualified transactions’. In my experience, you will not see any transactions that ‘qualify’ and you will get hit with unnecessary surcharges. It’s a game used to gouge merchants with hidden fees. Lesson: READ THE FINE PRINT! Other tricks of the trade I can’t stress enough the importance of READING THE FINE PRINT. The phrase ‘let’s lock you into a 3-4yr contract’ may sound like just another cliché sales phrase, but there is actually more truth behind the face value of the statement. If you decide to break contract, it could cost you a nice sum (usually over $300) to get you out of the agreement and there will probably be built in renewal clauses that you were also unaware of. It’s time for a change Time to switch to Pay it Forward Processing! The other truth behind processing companies, is besides working hard to get you to sign, they don’t work hard for your business at all. Pay it Forward Processing prides itself on quality customer service, and genuinely wants to help your business succeed. What good is processing transactions if there are no transactions to process? Big changes are coming to the credit card industry as business owners become more savvy, educated and liable. Pay it Forward Processing wants to be on the forefront of that change by delivering honest, ethical, and quality service to ensure that your business can operate efficiently and effectively.
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