There are so many merchant service providers out there on the internet right now; it’s almost too many to count! You can type “merchant account” into Google, and millions of results will pop up – but how do you know what merchant account provider will do the best job for your business? Unfortunately, most of the merchant service providers you find online will not take the time to explain their fees to you, they’re more interested in getting you to sign on the dotted line and kiss all of your hard earned profits goodbye.
At MerchantService.com we have a different approach. We’d rather have an educated merchant than a customer that has no idea what they just signed up for. For that reason, we work with all of our merchants to find them the most cost effective solution for their business.
Sarasota, FL – August 15, 2011 – MerchantService.com, a leading merchant services provider of credit card processing, is pleased to announce the release of a new article on their site titled, “Pay the Lowest Credit Card Processing Rates with Interchange Pass Through.” The article focuses on the importance of understanding the technicalities of credit card processing and interchange pass through rates in order for merchant businesses to thrive.
Starting your own business can be stressful. Setting up the licenses and understanding credit card processing technicalities is only the beginning of the struggle. The best way to work through these matters is getting educated on particular business services and lingo in order to avoid scams and disadvantageous deals. Here are the basics that you should know:
Credit Card Processing Fees
Accepting credit cards is mandatory for 99% of all businesses today. Understanding and managing your fees for service and technical issues of credit card processing will help you keep your business on the road to success. To start off, your business needs a credit card machine to electronically process the transactions, because if you don’t process them electronically, it will cost you twice as much and delay your cash flow significantly. The most expensive way to acquire a credit card machine is the “free equipment” programs, while the lowest cost solution is to simply buy the terminal outright, and own it. Merchant service providers will assist in setting up credit card machines in your store, but it is your responsibility to avoid getting trapped under expensive deals with long-term monthly minimum and annual fees payable, never mind the onerous early termination “hook” fees.
Here at MerchantService.com we love answering questions from potential customers looking around for a merchant service provider. One of the questions we hear the most is, “what sets you apart from other merchant services providers?” The simple answer is our personal approach that we use with all our customers. We do not see our merchants as just another number; we have a growing family of merchants that we work with to ensure their best interests are always represented – both now and well in the future.
We know the economy’s tough right now and every penny matters. So we use a consultative team approach to work with our merchants and increase their bottom line profits. Whether it means purchasing a used credit card machine over a newer model credit card machine; optimizing sales with mobile credit card processing; or simply ensuring they’re always receiving optimal rates when accepting electronic payments, we’re dedicated to helping our family of merchants succeed.
Additionally, we have a full-disclosure policy about costs and fees. We have no hidden costs, no hidden fees, and no rate increases. We haven’t raised our rates since we started our company in 1995. So what makes a great merchant services provider? It’s the human approach! We will always be available for our merchants whether on the phone or with online chat. Don’t ever hesitate to call us with any questions you may have.
Sarasota, FL – July 13, 2011 – MerchantService.com, a leading merchant services provider of credit card processing, is pleased to announce they have released a new article on their site titled “What Does The Durbin Amendment Mean To Small Business Merchants In America?” This amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act was to take effect July 21, 2011, but has been pushed back to October 1, 2011.
The Durbin Amendment originally aimed to have the Fed set a maximum debit card interchange fee of 12 cents per transaction for banks that had $10 billion or more in assets. However, the final interchange fee to come into play in October will be closer to 21 cents per transaction, and in some cases more. The current industry debit credit Interchange fee averages 44 cents.
“Issuing banks are still the “biggest losers”, but not by as much as originally proposed. And merchants remain the winners, yet it’s highly unlikely most merchants will receive the benefit of the savings because of the acquirers pricing strategy” said Gino Kauzlarich, co-founder and owner of merchant services provider, MerchantService.com. And not all debit cards will be affected by the Durbin amendment. Debit cards issued by small banks with less than $10 billion in assets are exempt. This means that there will be a two-tiered merchant services pricing structure.