Category Archives: Avoiding Pitfalls
You may be in for an expensive surprise if you think interchange plus pricing guarantees low credit card processing charges. Continue reading
The biggest mistake you can make when shopping credit card processing services is to ask a bunch of processors the fateful question, “What’s your rate?” Continue reading
Some credit card processors play the old bait-and-switch game of advertising rates that seem too good to be true. Spotting these shysters is easier said than done because they will in fact honor the low rates they advertise. Processors that use bait-and-switch aren’t blatantly lying; instead, they’re tactfully omitting some important details. Continue reading
Our recent interaction with Pivotal Payments proves they’re a processor best avoided. We were able to save a business 31% over what they were paying Pivotal Payments, but Pivotal Payments had the company locked in a three-year auto-renewing contract term with a $3,900 cancellation fee. Continue reading
If your business has bundled credit card processing fees your processor is pocketing your fee credits every time you issue a debit or credit card refund. Luckily, plugging the cash flow leak is as simple as getting interchange pass through pricing instead of bundled. Continue reading
Are you looking at your credit card processing statement every month while banging your head against the wall trying to figure out how to lower your non-qualified credit card processing fees?
If so, you’ll be really happy to learn that non-qualified rates are nothing more than a greedy little figment of your processor’s imagination, conjured up in the interest of deceit and profiteering. I kid you not — non-qualified rates are just one big, silly scam, and I’m going to show you how to rid yourself of non-qualified fees forever. Read on, my friend! Continue reading
Costco may sell some things at wholesale prices, but it’s not merchant accounts. In fact, Costco doesn’t even provide credit card processing. Instead, they outsource merchant services to a company called Elavon.
Costco’s merchant accounts use tiered pricing, bait-and-switch rates and have a cancellation fee. In short, you will pay through the nose to process credit cards, and you’ll be stuck doing it until your multi-year contract expires.
Thankfully, the practice of leasing credit card machines has been declining quickly over recent years, but some processors just can’t seem to let the cash cow go. Leasing processing equipment is a big money maker, and processors with questionable business practices will ride the gravy train to the end of the tracks. Continue reading