How an Annual Review of Your Merchant Services Account Can Save You Money
Letting your merchant services account go unchecked is like throwing away money. Every year, interest rates change and new products become available. These changes can save your tens of thousands of dollars a year.
We review all insurance policies annually. We review our investments annually. We even review our employees’ performances once a year. Yet, we let our merchant services accounts stay stagnant for years, without a review or a second opinion. This habit needs to change immediately.
A Review Can Find Hidden Fees
Some merchant services companies make their money by charging hidden fees. You may pay fees for entering a number manually. You may pay fees every time a person swipes their card, even if the transactions does not go through.
Other hidden fees may include:
- Annual Processing Fees
- Chargeback and Return Fees
- Internet Processing Fees
- Monthly Minimum Payment Fees
An annual review will find these fees. Sometimes, the fees are higher than average. A second opinion review, and even an annual review, can possibly offer lower payments for fees charged by your current provider.
You May Avoid Fees All Together
In reality, there are always going to be fees for your merchant services processing. However, new changes in the industry allow vendors to pass the fees to clients.
In other words, you may add processing fees to the total for your customers. This technique will cut your overall fees and save your thousands of dollars a year.
However, your current company may not tell you about this new trend. Maybe they do not recommend it. Maybe they do not see the benefit. Whatever the reason the less you know, the more you pay.
Tanker Consulting Services can help you save money by reviewing your current merchant services agreement. Call us at (609) 922-0201 for a free review today.