Many businesses purchase merchant services from their bank or a business referred to them. ten years later, they never really took the time to look at their account and they just keep paying the fees as billed. Many do not even know there are options or questions to ask. The problem with this mind-set is that many business owners end up paying excessive fees and do not negotiate on their own behalf. Like you insurance policies, your merchant services account should be reviewed every year.
Your Merchant Services Account May Be Overcharging You
The first issue, and likely most important issues, is that your merchant services account may be severely overcharging you. As with any industry, fees often rise annually. While this is the standard of the industry, if left unchecked, your fees may be going up much more than others in your industry. There may have been new incentives that have entered the market place, allowing fees for some credit cards or some providers to decrease or stay the same over he years. Without reviewing your statements and your overall services contract, you would be unaware if these incentives have been used. Furthermore, without anything in writing from year to year to renew your contracts, you have no way of knowing how much the fees are related to credit card processing and how much are related to the annual fees your merchant services provider may choose to charge.
Merchant Services Reviews Should be In Writing
This brings us to the next important point. You would not sign any business contract, sign on an employee, or even buy a major piece of machinery without obtaining a proposal in writing to see the assigned fees and terms and conditions. Yet, merchant services providers rarely put anything in writing until the final contract must be signed. Even then, much of the details are vague.
This is not how business should be done. It is OK to demand your merchant services provider put everything in writing, including the annual review of your contract. Furthermore, it shoudl be expected that your provider would review your merchant services account every year to see if there are changes that should be made to your benefit and to put those changes in writing as well. Most people absorb information, such as financial obligations, better when they can see it on paper and visualize the numbers and what they mean.
If you are in need a free review of your merchant services account to determine your merchant services fitness, contact the experts at Tanker Consulting Services today at 609-922-0201. You will be guaranteed a free, no obligation review of your account in writing.