Content published by Card Concepts Southeast - 205-215-2107 in Birmingham, Alabama, United States

The first question most merchants are compelled to ask when signing up for credit card processing service or seeking to switch providers is “what are your rates?” While rates are an important consideration when selecting a new service provider, it may not be the determining factor on which company you choose to handle your account. There are many other factors that can affect your satisfaction and your overall cost to process credit cards

In today’s cut throat marketplace business owners need to know how to evaluate processing programs, compare offers, and make educated decisions. To simplify the process merchants should be able to understand basic processing programs and know what questions to ask potential providers. For a business owner it is usually a never ending flow of account reps pitching their services. Finding one that can balance service with value is more important than ever.

Questions you need to ask:

1. Do you charge an annual fee? If so, how much?

2. Do you charge an application fee? If so, how much?

3. Is there an annual PCI compliance charge? If so, how much?

4. Is there a monthly PCI non compliance charge?

5. Is there PCI certification assistance?

6. Is there a term on the contract? If so how long?

7. Do you charge a cancellation penalty? If so how much?

8. How much is your monthly statement fee?

9. Who will service my account?

10. Who do I call if I have a problem or a question?

11. How is equipment provided? Is it free, leased, rented, or purchased?

12. If I have an issue with equipment how is it resolved?

13. If my terminal goes down how long does it take to be replaced? Is

there any out of pocket expense for replacement?

14. Can you provide terminal and processing supplies such as terminal

paper and signage?

15. What type of processing program will I be set up on? Tiered pricing,

interchange processing, or fixed pricing? To learn the differences

read the following articles “What is tiered pricing?”, “What is

interchange pricing?”, and “What is fixed pricing?”.

16. If I will be processing using tiered pricing, what is my debit rate,

qualified rate, rewards rate, mid-qualified rate, and non-qualified

rate?

17. If I will be processing on interchange program what will be the basis

point markup on my account? How much is the per transaction cost?

18. If I will be processing on a fixed pricing program what is the

monthly fee and how is it determined?

19. What mechanism is put in place to verify my statement reflects the

rates and fees quoted?

20. How often will I see my Account Representative. Who will handle

and service my account if my Account Representative leaves your

company?

Most of the preceding information you will gain by using our questionnaire never even comes up in the sales process of deciding to accept credit cards or considering whether to switch providers. By acquiring this information you will be able to make a more educated decision on who to process with.

Would you like to know our answers to the 20 questions?

Fill out our survey, include your email address and we will send you our answers.

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