Merchant Services Review Tips

sample 2

Contact us

It isn't always easy to find the best credit card processors by doing an Internet search. In the field of card processing, competitors will often write false and slanderous reviews on ripoff and complaint board sites. They will put false reviews on places like Yelp and, so you think that the company is no good when it is better than most other processors in the industry. Aside from that, the companies with the most customers are going to be the ones with the most complaints, so a handful of problems may be indicitave of a company with tens of thousands of customers. The customers themselves may have been shut down by Visa and MasterCard for violating credit card rules,and the processor ends up looking bad when the complaint reads that "they shut me off for no reason and held my money!" In fact, riskier (and shadier) merchants are often the worst then it comes writing bad reviews because they use it as a negotiating tactic.

How can you find a good processor?

Finding the best credit card processing company requires patience and homework. To get the best rates, you will need to show other companies your processing statements, though you can black out your merchant ID number. Most of the time you can save money on rates, but you need to be sure you aren't overpaying on the total account. You should factor in the price of the processing, all the fees, and the cost of leasing a credit card terminal. You should look into early termination fees and see what you can get waived. Many fees are negotiable, and you should ask about PCI fees, TIN validation and IRS fees, and other costs that get passed down which may be unexpected. Note that Visa and MasterCard adjust their rates every year in April and October, so those markups generally get passed on to you.

How to find the best processing company, despite all the noise on the Internet.

Common tactics

If you are really looking to find the best processor, the solution might be to take what you see on the Internet with a grain of salt, and ask people you know, or merchants that you meet every day. For example, you could just say "I am looking for a new processor and wonder if you'd recommend your own" when you go visit a business location. Many small business owners will not hesitate to share their stories about what is good or bad about their current provider. If you go online for reviews, you will see horror stories for every good processor, especially the ones that have thousands of satisfied customers. In fact, if you don't see any negative reviews of your processor, you should be doubly suspicious, since they may be operating under a new name after burning clients under their old "DBA" name. Similarly, BBB ratings also can't be taken seriously, since processors with hundreds of complaints have an A+ rating, while others are unrated if they choose not to pay for BBB membership. They can also see their ratings drop to an "F" with a handful of complaints for a number of reasons that may be totally arbitrary and unrelated to the service itself. Some of the worst credit card processing companies have the best reviews, because they pay third parties to upload pre-written comments in forums and on review sites. Therefore,it is very important to look at all the angles when choosing the best processor.

How to get out of an early termination fee for processing: The first way is to get a contract where the fees are waived. You can usually do this. Second, you may have the right to waive your fee by watching your statements and seeing if there are any announced changes to your contract. Sometimes, in the fine print, they say that if you continue to process you accept the changes, and depending on the contract that means you can break your lease without paying extra, but you may need to check with an attorney to verify this. Early termination fees can be strucured in strange ways, so some processors will charge you a flat $500 (which you can often persuade the new processor to pay) while others will charge you your average fee over the remaining life on the contract, and that could equal thousands of dollars. This is most common with the ones that offer you "free terminals" which are also going to have to be returned.