Credit Card Processing 101
What Credit Card Processing Companies Don't Want You to Know!
5 Keys to Shopping for a Merchant Account:
 1. COMPARE
Get a quote from at least 3 companies.
 2. NEGOTIATE WISELY
Don’t share a quote from one competitor with another. Why should it matter what you get offered if the competition is confident they are offering you the best deal?
 3. BEWARE
Watch out for 3-tier and ERR pricing; i.e. qualified, mid-qualified, and non-qualified rates and surcharges (this pricing structure takes advantage of the small business owners).
“Are you aware that a relatively new pricing program is available – known as (Large Corporate Pricing®) Intercharge Plus - that could potentially save you a pretty penny over the standard “3 Tier Pricing” program.”
From: “Merchant Account Fees Secrets Explained” Start-up Nation (A website community of Business Entrepreneurs).
“Two opposing views of (Large Corporate Pricing®) Intercharge Plus can be studied below but it remains
that small and mid-sized businesses must insist on an Large(Large Corporate Pricing) Intercharge Plus method
just as the largest merchants already pay to get the best bottom line processing costs.”
From: “Guide To Merchant Rates”, Business.com
 4. NO FREE LUNCH
Just like in economics class there is no free lunch (nothing in life is for free.) You pay more in the long run for any free terminal offers (especially free wireless terminals). If someone is willing to give you a terminal for free they are making it up somewhere in hidden charges- guaranteed. Here’s an example showing that with BMR, not only do you get a premium terminal, but you save over $900 per year because of our Large
Corporate Pricing!®
| |
BestMerchantRates.com® |
Competition |
| Rate |
1.03%* |
1.69% |
| Monthly Statement Fee |
$0 |
$10 |
| Monthly Cost |
$206 |
$348 |
| Monthly Savings |
$142 |
None |
| Annual Savings |
$1,704 |
None |
* Savings based on $20,000 assumed monthly volume.
* The Competition rate reflects the Qualified Discount Rate. It does not include assessments, surcharges, and mid or non-qualified mark-ups that are common in tiered and ERR pricing structures.
* The BestMerchantRates.com® rate reflects Large Corporate Pricing® which does not have tiered, mid or non-qualified surcharges.
 5. CANCELLATION FEE?
If a company is offering you the best overall processing merchant account why should they charge a cancellation fee or lock you into a contract? Either they have hidden fees or know there are better offers elsewhere.
Use these 5 tips and see for yourself, the answer is clear.
We know there are many choices when it comes to selecting a credit card processing services provider. However, when you add up all the facts, the choice becomes very clear. Discover all the reasons why BMR is the right choice for you. Contact a BMR Sales Associate for more information on how to obtain Large Corporate Pricing® for your business. |