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POSitive Processing Blog
Merchant Rules To Live By
Wednesday, March 6, 2019
 Do your customers know these important merchant processing
rules?
Keep your business banking customers in the know with our 'Laws of Merchant Processing'.
When talking with your business banking customers, it’s a
good idea that they feel as ‘in the know’ as possible. Next time you’re
discussing processing with one of your customers, be sure to share some of the ‘Laws
of Merchant Processing’ that they should know!
Merchant Rules to
Live by…
Set up a separate
bank account—By having a separate DDA account just for your merchant
processing you will be able to easily close it if things don’t go as you had
planned. If rates and promises do not seem to have been held up, you won’t have
to fear your main account being debited for “additional” fees months after the
merchant accounts have been shut off.
Don’t fall into a
lease for your credit card terminal—With options of either buying a
terminal for a few hundred dollars versus receiving the terminal for free for
the length of your time as an OMEGA merchant, why would you even consider a
lease with another processing company? Entering a four-year lease at $40 - $60
a month can mean paying almost $3,000 for your terminal. If you’d prefer to own
your terminal, we offer affordable machines so you will still be way ahead of
the game. Technology can change, your business can change. A non-cancellable
lease cannot change; it can only be paid off.
If it makes sense
today, it will make sense tomorrow—Never feel like you should rush into
buying that ‘great deal’ you are being offered. Merchant sales reps get paid
for closed sales and are often looking to have you sign on the dotted line
before moving on to the next prospect.
Don’t let them intimidate you. Take your time, do your own research and
background checks. If a good deal makes sense to you today, it will continue to
make sense tomorrow, next week, and next month. A rep looking out for your
interests will never pressure you to rush into a business relationship with
them.
Are your
neighboring businesses utilizing them?—You’ve just heard all of these
wonderful aspects of what makes this processing company so great, so why
doesn’t everyone use them? Asking your rep for local references can tell you a
lot. Who has been with them for an extended period of time and which companies
have left them are both questions that will help you decide if this is the
right processor for you. Maybe they are new to the area but anything they can
share can help your decision.
Google is your
friend—Finding out more about this company on your own can definitely help
make your decision clear. You use it for everything else, so why not use Google
as your one-stop research source for merchant processing companies? Find references.
Research their BBB rating and accreditations. Try typing in the company’s name
followed by the word “complaints”. It’s amazing what you can learn out there!
Contracts,
contracts, contracts—Outweighing the good versus the bad when it comes to
contracts is part of nearly every business transaction. They can of course
serve as a great opportunity to secure and strengthen both sides of the deal,
but be sure to ask questions. If they are so good, why do you need to be held
to a three-year contract and then penalized for leaving early when expectations
are not met? Your processing company should be earning your trust each and
every day, not holding you hostage!
Understand your
Billing Model—There are multiple ways your vendor can show their markups
when sending out your bill. Being on a Tiered program, Fixed Rate Plus Fees,
Bill Back, and more, you are participating in your own fleecing. These models
make it easier for the processors to disguise what exactly it is they are
charging you. At OMEGA Processing, we use the billing model that is Interchange
Plus, showing you the true markup from what we charge versus what Visa,
MasterCard and Discover are charging. All companies get charged the same from
Visa, MasterCard, & Discover; there is no special wholesale or direct
pricing, just marketing to make you think there is! Make sure you understand
just what it is you’re paying for.
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