All across the web, we see “flat rates” being advertised to unsuspecting merchants. Because of this blatant misrepresentation, we then have to explain to potential customers that they’re being scammed.
Here’s the truth about the “One Flat Rate” scam!
- All banks and processors have the exact same costs from Visa, MasterCard and Discover.
- Therefore, how can a credit card processor offer you “One Flat Rate” when Visa, MasterCard, and Discover have various rates depending on the type of business and type of credit card?
It’s like if the Federal Reserve sets the mortgage rate of 5%, and then someone says they can offer it to you for 1%. It’s too good to be true.
To prove our point: Download the actual costs from Visa that credit card processors have to pay. BE SURE TO NOTICE how many different rates there are depending on the type of business and type of credit card.
Please know that there is a much more honest way of processing credit cards.