When bidding your merchant processing business, there are a few things you should keep in mind. Well, by a few I really mean five. In this short post, I’ll take you through each of the five facts to help you prepare, evaluate and make the best choice for your business.
Let’s get started!
Preparation is Half the Battle
Before you start bidding your merchant processing business, take the time to prepare the information that will prove most helpful. Provide each of us with the same criteria, like annual volume, average ticket, and offer the same statement or statements to evaluate.
Transparency is Key
When bidding, make sure each provider discloses what kind of equipment is recommended and how it will be used. There is a considerable cost difference in equipment sold vs. leased, so determine which one you’ll be dealing with in order to confirm the cost involved, along with terms and warranty.
During these bids, each processor should also disclose information about associated fees. You’re looking for key phrases, such as the following:
- Term of Contract
- Early Termination Fee
- PCI Fee
- Non-PCI Fee
- Data Breach or Associated Fees
- Annual Fees
- Batch Fees
Be Clear About Cost Structure
Of the five facts covered here, this one is arguably the most important. You need to know what cost structure your merchant processing businesses will use. Typical structures include: Flat Rate, Cost Plus, or Surcharge; however, there are others.
Make Me Your “Plus One!”
In other words, invite me to your meeting. My extensive experience can help you navigate the all-too-common pitfalls of this industry, helping you steer clear of what to avoid.
Most business owners cringe when it comes to dealing with merchant processing. But, by simply following these tips and — better yet — looping me into the process, you’ll be able to maximize your time, resources, and ROI.
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