When choosing a credit card processor for your business, it is essential that you understand the “game”. Credit card processors want your business – and they have a few tricks up their sleeves to get it. If you know what to watch out for, you will be able to choose your processor based upon the facts, not the gimmicks. The following five tricks are some of the most common tactics used to try and nab your credit card processing business.

1.    Low rates – credit card processors love to try and convince you that they have the best rates, the lowest rates, the most amazing rates you will ever find. They will tell you how many hundreds and thousands of dollars you can save with their company – but they have no way of knowing this without looking at your merchant statements. Don’t fall for the promise of a “better tomorrow” – do your research and choose the company with the rates that match your needs.

2.    Locked contracts – read the fine print because some companies will not tell you that you are signing a contract for two, three, or even five years. Make sure you pay attention to the renewal clause because some contracts will automatically renew unless you say otherwise. Find a provider with no strings – or years – attached.

3.     Fees for termination – many companies charge early termination fees to deter you from leaving the company for another. Before you sign anything, insist on no early termination fees – or take your business elsewhere.

4.    Other added fees – fees are everywhere and you need to know what you are paying for. If your contract talks about fees that do not make sense to you, ask questions before signing. For instance, PCI fees have to do with data security. Choose a company that doesn’t charge these fees, but instead focuses on teaching merchants about data security.

5.    Confusing statements – ask to see a credit card processors statement before signing a contract. Many statements are designed to be confusing so you will not notice certain charges. Make sure you can understand every line of the statement so you will not be in for surprises after you are committed.

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