Posts Tagged ‘Merchant Account Services’
|Does Software Limit Credit Card Processing Options?
Wednesday, September 23rd, 2009
We recently worked with a client who was told by their current credit card processor three years ago that the software used by the client could only accept credit cards through them.
Unfortunately in this case, what the processor told their merchant couldn’t be farther from the truth. After the Processing Brokerage called the software manufacturer it was discovered that several processors have always had the ability to process transactions through their software. Though there are cases of preferred vendor relationships between credit card processors and software providers, you shouldn’t always assume that your credit card processor is telling the truth. (more…)
Tags: Credit Card Processing, Merchant Account Services, Processing Brokerage
Posted in Credit Card Processing FAQ | 1 Comment »
10 Ways The Processing Brokerage Can help You
Monday, January 5th, 2009
Happy New Year!
With the New Year upon us and everyone making their resolutions, we thought it would be good to provide a post for those whose resolution is to reduce their credit card processing fees: 10 Ways the Processing Brokerage Can Help You. Read and enjoy…
1.) Significant Rate Reduction – This naturally has to be #1. We will be your broker in finding the lowest available credit card processing rate. We will provide the analysis you need to make an informed decision. We will provide recommendations and help you through every step of the way.
2.) Interchange Optimization - Though you cant avoid interchange fees, you can optimize your credit card processing to ensure you are being charged the lowest rate. The Processing Brokerage is your interchange optimization expert.
3.) RFP – Watch as proposals are uploaded into your account area for review while analysis is created to compare each proposal received. You can use our Elite Rep Network or your contacts to choose who is a participant in your RFP. Choosing a vendor for your credit card processing couldn’t be easier with the help of our services.
4.) Independent Analysis – You pay for what you get! A mistake in choosing the wrong processor can cost you thousands of dollars in higher fees. Would you trust a car salesman to give you the lowest price available or an independent party?
5.) Small Business – Our Small Business package offers every tool you need to successfully reduce your credit card processing fees without paying a premium fee. Specifically designed for businesses who process less than 1 million in credit cards a year, our disciplined approach ensures your business will be setup correctly, efficiently, and receiving a rate you thought only large corporations could get.
6.) On your time – We know that you would rather have a root canal than look into your credit card processing and sometimes it just takes time till your ready to move to a lower credit card processing rate. We understand!
7.) Premium Services – Our pay for performance premium service ensures you will receive the lowest credit card processing rate available. You will have access to all of our resources and tools to make the best decision for your company. We will even assist in reducing your current rate so that you don’t even have to switch processors.
8.) Friend in the Industry – We are the experts in the industry so why not let us do all the work for you. Make the decision that is best for you. We will guide you the whole way.
9.) Validate My Rate - Use the Processing Brokerage to validate if your credit card processing rate is competitive. If we tell you it is competitive, don’t waste your time talking to another credit card processing representative… you know the truth.
10.) Resolution Completed – Just think, if you use us to reduce your credit card processing fees, you can guarantee yourself of having completed at least one New Years resolution. Your welcome!
We truly hope everyone has a wonderful New Year!
Steve Williams – The Processing Brokerage
www.processingbrokerage.com
Tags: Credit Card Processing, Interchange Fees, Merchant Account Services, Processing Brokerage, Small Business
Posted in Processing Brokerage | No Comments »
Credit Card Processing Contract – The Dreaded Termination Clause
Monday, December 8th, 2008
Your probably reading this post for one of two reasons: 1.) You just realized that you have an ugly termination clause and are looking for answers on what to do next or 2.) You just read the fine print of the new merchant services contract your supposed to sign and are astonished at what you read. Hopefully this quick Q and A session helps…
Q: Does every credit card processing contract have a termination clause?
A: No, not every credit card processing contract has a termination clause. It is typical for merchants who process low volumes to not have a termination clause. Those merchants who process at a low volume are more than likely also processing at a high cost.
Q: What should I expect for a fair credit card processing contract termination fee?
A: A fair termination fee should be in the range of $100 – $250 per MID.
Q: What if my credit card processing contract termination fee is much worse than what is stated above?
A: The reality is that if you want the absolute lowest rate, you may be forced into taking a termination fee that asks for the estimated fees paid for the remainder of the contract. For merchants in these situations, it is allowable to sign such a contract as long as you have validated that your rate is as low as possible. The last thing you want to have happen is to sign the contract and to later find out that you are overpaying but are locked into another five years. It would also be equally as a bad if you didn’t lock in the low rates…if they were indeed the lowest available to you.
Please call the Processing Brokerage for an analysis on your contract and recommendations for what is advisable in your situation.
Steve Williams – The Processing Brokerage
www.processingbrokerage.com
Tags: Credit Card Processing, Merchant Account Services, Processing Brokerage, Termination Clause
Posted in Credit Card Processing FAQ | 5 Comments »
What is a Reasonable Length for a Merchant Services Contract?
Monday, November 10th, 2008
We have seen merchant services contract terms ranging from a month by month basis to 7 years. There are two things that you should always look at before you sign your merchant services contract in regard to the length of a contract:
1.) Termination Clause – Unfortunately, the trend in the credit card processing industry is to add language in the merchant services agreement that makes it almost impossible to terminate early (please look for future posts that address termination clauses). If you are fortunate to have language of a small termination fee ($250 per MID), the overall length of your contract is not as important as you would have flexibility if anything were to arise.
2.) Length – Contract length’s vary depending on the size of the merchant. Below we make generalizations of what you should expect:
One more thing to note, if you are choosing between two processors that offer a similar rate, the term of each respective contract is a great way to differentiate between two bids.
Steve Williams – Processing Brokerage
www.processingbrokerage.com
Tags: Credit Card Processing, Credit Card Processing Contract, Merchant Account Services, Processing Brokerage
Posted in Credit Card Processing FAQ | No Comments »
