Ways Merchants Overspend

Credit Card Processing

Top 6 Ways Merchants Overspend on Credit Card Processing

  • Leasing Terminals – It’s a fraction of the cost to buy the machine rather than paying every month for 2-4 years. Many businesses find it hard to get out of the lease due to strict guidelines it takes to get out of it at the end.
  • Sign Long-Term Contracts – Rates may seem low, once locked in processors can raise rates and big penalties may be given for leaving before the contract is up.
  • Certain POS (Point of Sale) Systems – Can be forced into working with one certain processor. In these cases, it is very common to have high rates because you have no choice once you have the POS system.
  • Being PCI Noncompliant – Costs you extra every month. On top of this, your business is not protected from somebody stealing credit card information off of your terminal. In this case, you could potentially get fined by Visa and MasterCard as well.
  • The Wrong Setup Can Lead to Funds Being Held – Sales reps without experience can set your business up wrong. As a result, money could be held for up to 6 months.
  • Buying New Terminals When It’s Not Necessary – Most machines last many years, and not every merchant necessarily needs a new EMV machine right away.
Call 1-800-480-9143 for answers to your credit card processing questions.

Share by: