Don’t get locked into a contract and increased fees from the low-cost, cut rate offer that seems too good to be true.
Too often, I hear from my networking associates that they just recently got an offer to change their credit card processing account with a “great deal on a low rate”.
They come to me because they trust me to tell them the facts about the offer.
Some systems are meant to be cut rate, with low service levels, no live support and while a basic rate that while low, does not include additional fees that are charged once the service goes into effect. Look out for things like daily withdrawals for each transaction you process, statement line items that were not part of the agreement that we have seen range from $5.00 to $25.00 per month, batch fees and item fees…the list goes on and on.
In fact, one of our associates was offered a 2.25% flat rate that they accepted. Then, after one full month of processing, they calculated that they were paying over 5% due to the additional expenses that were not included in the rate. The worst part, they signed a 2-year agreement, and are now locked in for the term but fighting to break the contract.
TransAct programs are different and always start with the goal of bringing a client the lowest overall cost, rather than a marketed single item of a low rate that fails to include the other add ins. We continue to focus on our clients to stand out from rest of the industry, working hard to accommodate our clients with simplified statements, easy to identify fees that are directly related to services that you have chosen and above all, low total costs. Oh, yes, and no contracts.
~ Mary Ann
PS If you don’t know what services you need, just ask. We can help.