THE BIGGEST SECRET of Credit Card Processing Companies

in today's video I'm gonna teach you the biggest secret in the credit card processing industry If you own a retail business based in Nassau or Suffolk County and the only service you receive from your credit card processing company is a monthly statement and an 800 number, you really are missing out If you own a retail business based in Nassau or Suffolk County and the only service you receive from your credit card processing company is a monthly statement and an 800 number, you really are missing out If you own a retail business based in Nassau or Suffolk County and the only service you receive from your credit card processing company is a monthly statement and an 800 number, you really are missing out THERE IS ANOTHER OPTION! visit wwwcreditcardprocessingforlesscom wwwcreditcardprocessingforlesscom everybody its Vic Travaglianti ETA CPP, owner of Credit Card Processing For Less right so what's this big secret that basically every credit card processing company has that they don't want you to know about well they can increase their pricing and / or add fees to your account pretty much whenever they want

most people don't even think about this stuff but the acquiring bank who you know is known as the processing company to most merchants the acquiring bank basically holds all the cards and they're the ones that are authorized to pretty much do what they want on the account it doesn't matter what company you're with it doesn't matter what contract you signed it doesn't matter what rates you're paying most merchant accounts have somewhere between ten and fifteen pages of terms and conditions that they typically keep as an electronic file and it's supposed to email you when when the accounts approved nobody ever reads them you know it's just like when you open up an account at any bank you know they give you a pamphlet of stuff that most people don't even look at but within those terms and conditions one or more of them specifically reference the fact that the financial institution that's processing the transactions or funding your account again known as the processing company they can pretty much do whatever they want on your account so they have to let you know about it you know the communication within a statement or a separate email or a letter what-have-you but yeah they don't need your permission to do it okay so before you throw your hands up in the air and say oh they're all the same there's nothing I could do about it no there's two things that you can do to make sure that you're in the best possible position as a merchant one make absolute sure that your merchant agreement is set up as a month a month without any cancellation fees and number two make sure that the agent that you're working with is independent I'll go into the details about why both of those are so important all right so why is a month-to-month agreement without cancellation fees so important I mean this sounds like common sense but I'm system Li blown away by how many business owners don't absolutely insist on this when it comes to their credit card processing there's one word that I would use to describe why having no cancellation fee on your merchant agreement is absolutely critical that word is LEVERAGE Regardless of the company if you're in a position where you have to pay a fee to leave them regardless of why you want to leave them what leverage do you have you know but if you say hey listen you know I don't have any cancellation fee on my account I'm gonna be shopping in so I'd like to see what are the vendors have I mean it may not work all the time but they know that there's a real chance that you could leave and they'll lose that account so just insist on it it doesn't matter what company you're with it doesn't matter who the rep is make absolute certain that your agreement is month-to-month usually you have to give like a 30-day notice but make sure that under no circumstances for any reason if you decide to make a change make sure that you don't pay any termination fee insist on it and if the rep that you're working with tries to give you a song and dance that you know all it's for your protection that we have cancellation fees that way they don't change the pricing that's nonsense you know I started out with the video telling you why that's not the case so there's one reason and one reason alone why cancellation fees are part of any merchants agreement and that's to protect the company that's holding the contract and to minimize attrition that's it make sure there's no fees on your account all right so the second thing that you could do as a merchant to protect yourself against the possible abuse of a processing company you know adding fees out of the blue or increasing margins or both is make sure that you work with an independent agent I mean obviously I do these videos to promote my own agency based on Long Island but you know there are other independent agents as well the reason why is because an independent agent is loyal to their client not the specific processing company that the client may be processing with if I have all of my accounts one company and that one company you know gets new management or ownership whatever the case is and they decide to add a two hundred dollar annual fee you know which they typically don't do that but it's just for purposes of the example you know what am I gonna do I can't say I don't have any leverage if that's the only company I can do business with well that's a problem because I'm gonna lose accounts and I don't have any other options but when you're an independent agent I have different companies that I place accounts with for different reasons you know some people absolutely have to have next-day funding that's not available with every company some clients depending on how many transactions they do my cost as an agent might be lower with one company so I place them with them so they can get the pass-through savings on that if my cost is lower I can give it to them for a lower cost etc so basically it's just diversification amongst the agent I mean it seems like common sense obviously you want as many options as possible but you know if you're not working with somebody independent they can only write you know the business for the company that they represent and that's it so you want to have somebody who's working for you not working for the processing company all right so thank you for taking time out of your day to watch this video if you found the information here helpful please like and follow credit card processing for Less on Facebook and don't forget to share this video right now with all your friends