How Credit Card Processors are Scamming Your Business
Credit card processors are a necessary part of your business; however, many of them are abusing their position of power to completely scam their clients. Because there is so much competition in the credit card processing market, there is no reason for you to go through any of this – Payment Depot is a trustworthy alternative that can save you money.
However, if you wish to know exactly why you should switch to Payment Depot, you need to know what other credit card processors are doing to you. Here are some of the ways in which you may be getting scammed out of your hard-earned cash:
Hidden Fees
The advertised rate that many businesses think that they are receiving is not the actual rate that they are paying. The reason for this is hidden fees that are put into the fine print of credit card processing contracts. Credit card processors are banking on the fact that you do not have time to read these long contracts. They may also simply be placing arbitrary fees into your bills at the end of each month. Make sure you check.
Cancellation Fees
If you find any discrepancies and decided to take your business elsewhere, your credit card processor might hit you with cancellation fees if you try to leave. There is no reason that you need to pay cancellation fees to a company that has been poison dripping you from the very beginning; however, many business owners do not notice. Others will simply pay the fees just to get away from the company instead of fighting the good fight. The best method is to make sure that you do not get involved with a scammy credit card processing company in the first place.
Monthly Minimums
If you are faced with a monthly minimum fee, then you are getting scammed by your credit card processing company. There is no reason that you should have to give yourself a quota, especially in volatile economies like the modern business world. It is not in the nature of sales to remain constant, and credit card processing companies should know this.
High Markups Per Transaction
There is a market rate for a percentage per transaction. If you do not know it, then it is likely that your credit card processor is scamming you by instituting high market fees per transaction on your account. The highest fees are often percentage-based, especially for businesses with high cost items or services.
You can rest assured that Payment Depot does not participate in any of the above credit card processing scams. We have no hidden fees, no cancellation fees, no monthly minimums, and no high markups on each transaction. The reason that we’ve been able to thrive in such a high turnover industry is because we respect all of our customers and clients. Give us a call when you are ready to be treated like a real business instead of being scammed left and right, and we’ll provide you with transparent plans, reliable service, and bargain prices.