7 Ways to save money on Merchant Services
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Transcript of 7 Ways to save money on Merchant Services
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7 WAYSto save money on Merchant Services
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#1Understand that Merchant
Accounts and Gateways are different
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Merchant Account type of bank account that allows a business to accept payments by debit or credit cards.
Payment Gateway an application service provider that authorizes transactions and processes payments.
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There are companies that sell merchant accounts and there are companies that sell gateways only.
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Save yourself the time, hassle, and money by doing business with a company that can do both.
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#2Make sure you’re PCI compliant
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Did you know there is a FINE for NOT being PCI compliant?
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Many merchant services companies don’t care if you’re PCI compliant because they can end up making more money anyways.
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If your merchant services company is NOT trying to get you
PCI certified, just say…
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#3Use a merchant services
specialist,not a bank
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1. Banks don’t really provide their own merchant services, they often contract out to a third party.
2. They sometimes charge you for the additional money to hand your business to someone else.
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Avoid the middle-man and choose a company that can provide the specialized merchant services you need.
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#4Require personalized service
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This is a business partner who is handling your money.
If their idea of customer service is an outsourced phone number or email address then STOP and say no thank you!
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#5Choose the right solution for
your needs
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Find a provider that can do it all.
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This not only simplifies things drastically…
…it also cuts out the ability for different companies to start pointing fingers at one another.
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#6Choose fixed rates not tiered
pricing
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Before you sign anything, make sure your provider is offering fixed flat rates.
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Tiered pricing is a red flag!
This includes rounding which you will want to stay away from considering most companies will round in their favor not yours.
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#7Watch for small additional fees
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Ask about• Application fees/ Sign up fees• Monthly minimums• Minimum transaction size• Monthly maintenance fees