Reviewing the merchant service account is one of the easiest and effective cost cutting tips for small business owners. This is the right time for businesses to go over their expenses and eliminate as many expenses as possible. For many small businesses, the difference between closing the doors and being profitable boils down to a couple dollars per month. Usually merchant service account are often overlooked by the business owners. This could be due to their habit of switching credit card processors several times chasing the empty promise of cost savings. And the result of this is very bad as they are left with a very bad taste in their mouth to say the least. And to top it all off, they are constantly assaulted with cold calls promising the "lowest rates in the industry." What can a business owner do in order to avoid this headache? One must Pay close attention to the Do's and Don'ts The Do list - Do look for a credit card processor that offers interchange-plus pricing (ask for it by name) - Do shop at least three providers - Do buy your own equipment (most terminals are $100-200) - Do take time to audit your monthly statements The Don't list - Don't sign a contract that has an early termination fee - Don't use a provider just because you already have an established relationship, ie your bank, Costco - Don't lease equipment or software under any circumstance - Don't pay an annual fee, application fee, or monthly minimum fee This is a great time for business owners to switch their credit card processing because many processors are feeling the heat of economic crunch. Processors are more likely to lower their rates, and their profits, to get the account rather than not get the account. As a result there are some real cost savings to be had.
Please Rate this Article 5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
