MERCHANTS BE CAREFUL !!!!!!!!

One thing has become very clear to me since I joined the Payment Card Industry two years ago. The industry has a very checkered reputation. I am trying to change that for Surprise Regional Chamber Members and the Surprise and surrounding area Merchants. The message is that you need to be very careful whom you are doing business with. If you do a little research it will pay off in the long run. Remember, your credit card provider is handling your most important asset . . . YOUR MONEY. Questions you can ask include:
How long have you been in the business?
How long has your company been in the business?
How many employees does your company have?
What is your company’s annual revenue?
Where is your customer service department? Does your company provide my customer service or am I calling a 1-800-GOOD-LUCK number?
Please be careful when choosing a new Merchant Account Provider.

Five Things for Merchants to look for when choosing a Merchant Account Provider to make sure you are not being taken advantage of.

1. Please be careful when signing an application for your new Merchant Account. Ask the sales person if this is also their contract you are signing, because they will not tell you unless you ask. Most contracts are for three years. If you decide at a later time to switch merchant account providers due to the fact you are unhappy with their service or their rates aren’t what the sales person said they would be, the early termination fee will range from $250.00 to as much as $750.00.

2. Please be careful of the sales person that tells you that your terminal or software has to be replaced or that they cannot reprogram it. In most cases, it’s an attempt for the Agent to make more commission. The majority of equipment meets the Payment Card Industry Compliant regulations and I am able to download the terminal with the new information. There are exceptions however

3. Please be careful when a sales person says that you must lease a new terminal. This is a way for the sales person to make a lot of money. They will set you up on a FOUR or FIVE year lease. Your monthly COST will be anywhere from $39.00 to as much as $89.00 per month for the term of the lease. That’s $1,800.00 to $4,300.00 for a terminal that I could sell to you for $250.00 to $890.00 depending on your type of business. You will not be able to get out of the lease unless you pay it off in full.

4. Please be careful of the sales person that says they will save you money without proof. A reputable sales person will provide a side by side comparison for you. Make sure this is an apple to apples comparison. Showing all of your fees so that you understand what the sales person is comparing. The sales person should also go over the comparison with you.

5. Please be careful to make sure the sales person has your best interest in mind not theirs. Will he or she quote you the best rates right away? Or will they match rates from a competitor at a later time? Will he or she visit you monthly to make sure everything is running the way it should? Will he or she return your phone calls? MOST LIKELY NO! They will sign you up and you will never see or hear from them again. Make sure the agent will visit you and go over your Monthly Merchant Statement with you.

Please be careful when choosing a new Merchant Account Provider.

If you want a true Side by Side Cost Analysis and a Merchant Account Consultant with your best interest in mind, and one that will VISIT YOU MONTHLY, please call me. My company offers all Major Payment Card Processing, Gift and Loyalty Programs, Check Conversion and Guarantee, ACH and E-Check, Point of sale Integration, Hardware and Software Solutions

Richard Hochwarter
Consultant/Account Executive
Payment Processing Direct
602-237-6460 / 480-363-2564


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