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I’m sure the vast majority of merchants feel that their merchant account provider is far more likely to increase their rates or invent new fees rather than offer an unsolicited rate reduction for the merchant’s years of processing loyalty. The reason merchants feel this way is because the industry has shown this to be the… Read More »
Merchants should have received their credit card processing statements for January activity within the last week or so. They should take the time to review (3) important items. Are you being penalized for customer refunds? It’s not uncommon for merchants to have a higher than normal number of customer refunds in January. However, not all… Read More »
A few merchants recently sent me their provider’s email response after the merchant insisted that their current pricing plan be changed Interchange Plus pricing. Some of the providers responses where down right ridiculous and even laughable as they tried to explain why their Tiered pricing, flat rate pricing, flat fee pricing plans, etc. were “better… Read More »
If you are not receiving a detailed processing statement each month then don’t be surprised if you are paying more than you negotiated Would you write a check to a vendor based on an invoice that stated the following? Items Amount Truckload of stuff $15,425.00 The question may seem ludicrous because no merchant in his… Read More »
This is the second article in a series on common mistakes I see merchants make when negotiating rates and fees or analyzing the offers from different credit-card-processing providers. You can read the first part here. 4. The merchant assumes that he understands the offer The credit card processing industry is a convoluted business with dozens… Read More »
Many merchants think card processing is pretty simple, not realizing how interchange rates (issuer and card association fees, dues and assessments) drastically affect their bottom line. They think the customer’s card information, obtained during an on-line purchase, is sent to one of the card associations — Visa, MasterCard, Discover, American Express.
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