The Radical Truth About Credit Card Rates
Author: From our expert member in ‘Agent Providing Alternative Strategies to the Credit Card Rate Game’ – RRC RESOURCES
Credit card processing rates,
Somewhat misleading,
Somewhat deceiving,
Are your credit card fees bleeding?
Every processing company “claims” to have the lowest rates. What does that really mean? If they really were the lowest, why would businesses ever change processing companies? It’s certainly not because the business owner wants to keep having the hassle of changing credit card providers.
- Customer Disservice: The representative that signed you up for your credit card processing is now selling some other service and not available to you. Or you send an email to your business credit card customer service representative, open an ticket, and …. Nothing! You’re still the customer, but you’ve lost any semblance of service.
- What Ever Happened to Truth in Advertising? Let’s say you opened a business credit card account, and you were quoted a 1.59% rate. Then why are you being charged a higher interest rate? That’s often because the “low rate” programs do not pertain to rewards cards, business cards, Amex, or when the card is not present.Most business owners are not aware of this loophole, and the credit card companies want to keep this fact in the small print.When the business’ total cost for accepting credit cards is significantly more than the rate they were quoted, something is very wrong.
What to Ask Your Business Credit Card Processor
- There are many ways that credit card fees can be assessed. The fee structure should be tailored to the individual business based on their industry and how they accept payments. For instance, manufacturers’ rates are different than rates charged to retailers. The first thing to ask is which industry your credit card company has assigned to your business. This might make an immediate, positive difference in your rates. The processing company controls this, not the business owner.
- Ask about the various rates you’re paying when taking payments using rewards cards, business cards, Amex, or when the card is not present? Find out when the quoted interest rate does not apply.
- Services such as PCI compliance and dispute resolution should also be addressed. Is your credit card processor giving you help completing the PCI insurance questionnaire? Do you even know what it is? Do you know the risks inherent in not completing it? If not completed, you run the risk of hefty penalties. Your processor, if they really cared, would be making sure that you are aware and that you do what you need to do to be compliant and protect your business.
Credit cards – the truth!
What is a Merchant Service Provider?
What does Merchant Service Provider mean? Set you up, take your money, and then forget you? I don’t think so.
A Merchant Service Provider should:
- Ask a lot of questions.
- Understand your business.
- Give you a price structure that is particular to your industry.
- Tell you the variety of costs for various situations.
- Tell you about PCI compliance and the risks if you don’t complete the PCI questionnaire.
- Help you complete the PCI questionnaire.
- Be available when your business is open.
- Get back to you with answers to your questions in a reasonable time frame.
As a business owner, if any of the above issues hit too close to home and your current provider isn’t doing what he or she should, let’s talk and get you on the road to lower credit card rates, putting more of your hard-earned money into your bottom line.
To get your questions answered by this expert, please go to our resources page https://resourcereferralcenter.com/resources/ look in the category of ‘Financing’ and select ‘Independent Agent Providing Alternative Strategies to the Credit Card Rate Game’ to see our company profile. When you click the ‘Introduce Me’ button, you’ll get an email introduction with our CEO’s contact info, and we can answer all your questions.
