5 Credit Card Processing Secrets Your CC Proces...
5 Credit Card Processing Secrets Your CC Processing Company Doesn’t Want You to Know About
Are you shopping around for a new credit card processor? If so, there are some things you should know that your current credit processing company probably isn't telling you. For starters, did you know your business can probably save money with a free trial by switching to a new company? Also, are you aware that you might be on the hook for hidden fees and charges with your current processor? Switching to a new credit card processing company is a great way to maximize savings while getting the terms of service you deserve. Read on to learn about five things your CC processing company probably isn't telling you that could help when shopping for a new provider.
When does this credit card processor pull money from my bank account?
Most small business owners allow credit card processors to deposit money straight into their bank accounts. However, some credit card processors abuse this privilege by withdrawing cash without getting permission. Always get confirmation about whether credit card processors follow this practice.
What are the early termination fees?
Do you know how much it would cost to break up with your current credit card processor? The answer may surprise you. Not only do you owe your contractual termination fee, but you might also owe projected processing fees for the duration of your contract. Always ask about termination fees when choosing a new service.
Is this credit card processor highly rated?
Always do online research before doing business with a credit card processor. Check with the Better Business Bureau as well to help determine which companies are reputable.
Is Interchange Plus an option?
Many credit card processors offer Interchange Plus, but they often don't inform their clients. Why? Because Interchange Plus is a cheaper way of processing credit transactions. That means more money for you, but less money for your credit processor.
Is leasing equipment required?
Small businesses can often save money by purchasing their own credit card processing equipment. However, many processors will require business owners to lease equipment.
Can I get my agreement in writing?
Is a credit card processing company offering you an amazing deal on services? Regardless of how good the deal sounds, get it in writing before signing any paperwork. Make sure any promised benefits are highlighted in the contract.
Can a lawyer review this agreement?
Your revenue is the lifeblood of your small business, and you shouldn't leave it up to chance. Get your credit processing agreement reviewed by a lawyer before signing the dotted line, and don't do business with a credit card processing company that won't let you get a third-party legal review.
Which credit card processors withhold money from transactions?
Some credit card processors without a small percentage from every transaction as a way to protect themselves from charge backs or fraud. Unfortunately, they often do this without asking for permission. The money belongs to your business, and you should be made aware if your money is being held.