Would you like to receive the lowest possible rates on credit card processing for your store or website? Who wouldn’t? By carefully shopping for the best merchant services provider, you can ensure you’re always receiving the lowest possible rates when accepting electronic payments. Read on to learn the dos and don’ts of finding a credit card processing provider.

Do: Find the Most Competitive Pricing Program

With so many options for instant merchant services online, you can be picky when looking for a credit card processing provider. Before you start looking, decide what you want for your store or website. Do you need a wireless credit card machine? Do you need devoted customer service – without the automated recording every time you call? Once you have decided on your main decision points, start looking at different pricing programs. A good credit card services provider should have no problem showing you the savings you’ll experience with their company versus other processors.

Don’t: Pay Higher Rates than You Were Promised

It’s not unusual for a merchant service provider to quote you one price or rate, and then gradually increase your rates. They may not think you’ll notice, or maybe you’re locked into a contract. Read about the company’s track record and what their clients are saying about them. Are merchants happy with this service? Can the company honestly say they haven’t raised their rates from year to year?
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One of the most frustrating things imaginable to businesses who utilize merchant services is when they are faced with paying a higher percentage rate on their credit card machine use than was advertised or promised. At best, this is misleading. At worst, this is a common industry bait and switch pricing tactic. Why is it that so many merchant services providers charge more than the rate promised?

The Steadily Upwards Creeping Introductory Rate

Many times, banks and merchant services providers quote a low introductory rate to make the initial sale with businesses, only to turn around and slightly increase rates again and again, month after month, year after year. These providers hope that either their merchants will not notice, or will not be bothered to change services once they’ve already signed up for one. This is a common occurrence, and many businesses have been victimized by this coercive business practice.

What to Do?

What can you do about it? Well to start, if you have been with the same merchant services provider for a few years and have noticed your prices slowly creeping up, you should contact a reputable merchant services provider and have them perform an account analysis on your most recent statement. They should be able to identify where you have been overpaying, or where your current provider’s policies have put you at a disadvantage, and should be able to help bring more bottom-line profits back to your table. It doesn’t cost anything, and you could save hundreds of dollars a year!
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