Want a Cheaper Merchant Account? Do Your Homework!

An interesting article series in the New York Times shed some light on the complex world of credit card processing. In the articles, a business owner describes how he got multiple quotes from merchant services companies and went with the one that was right for him. Unlike most merchants, who run multiple daily transactions for average dollar amounts, this merchant (a custom furniture designer) processes transactions averaging several thousand dollars each. His story is instructive because he goes into detail about how he saved money by learning about the entire process. The story also illustrates the need to understand merchant services agreements before you sign anything.

At Dependable Solutions, our sales process is known as a “full disclosure” procedure because we take the time to explain every aspect of the experience. We go through every page of the file build with our customers, so there aren’t any nasty surprises later on. Before we even get to the final phase, we tell all our potential clients our upfront rate before we run a quote on how much we can save them on our platform. In the rare cases where we can’t save money for merchants, we at least give them the assurance that they are getting the best rates.

As a consumer, wading into the world of merchant processing can be frustrating and confusing. Most business owners don’t understand that every credit card dollar that settles to your account is essentially loaned to your business until the actual funds clear. Therefore, getting a merchant account is essentially like getting a complex loan product where approval is needed from a series of acquiring banks, processors, credit card brands, and security agencies. Merchant accounts have so many moving parts, fee and rate schedules, and markups that there is almost always room for savings. Therefore, by providing documentation about your business and its payment profile, you will make it possible to identify areas where costs can be cut. For example, you may be paying extra for services that you don’t use, or you may be missing out on alternative ways to take payments for less money.

What should you know when looking for cheap credit card processing? It helps to understand the nature of the transaction process, and know about how much money your company makes through credit card terminals every month. If you are looking for a competitive quote on a merchant account, it is important to show whether most transaction are done via debit or credit card, and whether card numbers are swiped through a terminal or entered through an online shopping cart. At Dependable Solutions, we can create a customized quote for your account, and show you how to cut rates, reduce (or eliminate) common fees, and better understand your entire processing infrastructure. At the end of the day, anyone asking to run your payment processing should be able to give you 24 hour service, future-proof terminals, and substantial savings that can justify switching.

If you own a business and you're looking to cut cost and save money on your Merchant Services statement. Contact us today to set up an appointment with one of our Sales Consultants and start saving money right away


Office - 717-806-5429

Email - info@dependablesolutions.org