Literature

 ALERT: Careful of Deceptive Claims In Credit Card Processing - Literature

Ever hear the phrase, "If it sounds too good to be true, it probably is?"

Businesses are "in business" to make money - they have to survive. Free credit card machine promotions typically include inflated prices elsewhere in the provider’s contract to redeem the cost.

Review your contract or proposal closely for hidden fees. If you add these fees up, you may discover that the extra costs actually cover the price of the credit card machine plus some! Creative pricing works.

For example, check out how these common hidden fees can quickly add up:

Hidden Contract Fee Estimated Monthly Fee Range

Monthly minimums --------> $15 to $35

Annual fees ----------------> $95 to $150

Supplies --------------------> 3x the cost ($5 paper increased to $15)

Early cancellation fee -----> $195 to $400

Minimum contract term ---> Average is 3 years

Access fees ----------------> $5 to $10

PCI compliance fees ------> $5 to $10

Rewards card surcharge --> $20 to $50

In the end, you may feel good that you received a free credit card machine but the reality is you paid more than if you bought one outright!

Leasing a credit card machine is no exception. An eBay Credit Card Terminals Buying Guide report stated, "A 48-month lease could cost you over $1,000 for a credit card terminal that you could have purchased for much less."

In some cases, leasing is the right decision for you. BUT, in most cases, you are better to purchase as long as the credit card machine includes an equipment life-time warranty and a 30-day money back guarantee.

Deceptive Claim #2: Teaser rates like "as low as 1.39%!"

No one wants to pay the highest rates…and you shouldn’t. Yet prior to talking with a merchant (like you about your business,) merchant service providers have no idea what your rate structure will be – no one does – until they speak with you!

Using a teaser percentage rate like 1.39% is misleading. A teaser rate might lure you to call but what type of first impression does that create? Make sure you compare a number of different merchant service providers and ask them to put all rates in writing!

Because all merchant rates are set by the credit card companies including VISA, MasterCard, American Express, and Discover, credit card processors can't have merchant rates lower than the rates set by the credit card companies!
Literature