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Get Merchant Services For Credit Card Processing
Get Merchant Services For Credit Card Processing
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cramerjohn004
104 posts
Sep 28, 2022
10:41 AM
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You see, whether you realize it or not, service providers have expenses in setting up and maintaining your merchant account so, therefore, they feel if you bail early, they're entitled to some compensation. Simply put, you absolutely need to know what the terms are before you make any commitments.
So, let's just say that some new merchant account rep (or as they're called in the industry MLS or Merchant Level Salesperson), performs a statement analysis for you. When they're all done, they show you the results and, of course, tell you they can save you a "ton of money". Your first inclination is to want to make the change because, of course, you want the projected savings in your pocket. But, wait a minute, where are you in your existing contract? Well, you know that if you outright cancel to make the move to the new provider, you WILL PAY AN EARLY TERMINATION FEE. So, what are your alternatives? Well, it's really all about math so get out your calculator and look at the numbers.
Okay, so the new guy/gal has shown you a $20 a month savings....not bad but how's that all shake out? Assuming your early termination fee is $195, it would take you about ten months before start a payment processing company you would actually start realizing those savings (after paying the early term fee) if you decide to make the change. Here's another option that you may consider. Does your existing contract have a "Monthly Minimum" fee. Quite often you will have a $10-$25 Monthly Minimum in your Schedule of Fees. This means that even if you don't process a dimes worth of credit cards in any given month, the processor is still getting something.
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xefiv13620
108 posts
Sep 28, 2022
8:33 PM
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1 post
Jun 04, 2023
10:29 PM
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74 posts
Jun 05, 2023
12:28 AM
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