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MRG
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MARSH ROBERT GROUP
MARSH ROBERT GROUP
Business Services Financial Services More Information
Business and Financial Solutions
for an ever changing World
Business Services Financial Services More Information
Business and Financial Solutions
for an ever changing World
Dear friend,
Your right, we had to look far and wide for a suitable merchant service partner, it was just plain hard and a lot of work, read my blog.
The new decade is about building strong working relationships and due to the fact that most Merchant Service providers can match pricing, focus on the service side for a suitable provider and business partner. The fact is miss cues, mistakes happen, that's life, that's business. What we all need is a partner that can step in when needed and quickly resolve issues and keep us up dated on the newest products and services to keep ones company ahead of the rest.
GOOD NEWS... the Merchant Industry is very competitive so your in the drivers seat!
Few things to consider
Focusing on a single rate can be detrimental even when comparing more the more transparent interchange plus pricing model. There are many different ways that providers can extract profit from a merchant account. If you're distracted by the interchange mark up rate, you're opening yourself up to higher, expensive junk fees.
When comparing merchant accounts it's important to look at the big picture. Consider an account as a whole, and don't get distracted by a single or a few rates and fees - even if they seem to be the most important. Effective rate is the term used in the credit card processing industry to describe to overall cost a business pays to process credit cards.
The effective rate is expressed as the percentage of processing charges paid over gross credit card sales. This figure is the only singular piece of information that should be used to compare merchant accounts. The account with the lowest effective rate will always be the least expensive.
It's pretty simple to calculate the effective rate for an existing merchant account. All you need to do is figure out the percentage of expenses over gross credit and debit card sales. To do this, divide your gross sales by your total processing costs for a given month and then multiply that number by 100. For example:
$10,000 in sales / $329 in fees * 100 = 3.29%
With that said, remember there is more to Merchant Services then price. Service and support is a big part of the equation so to pay a few extra penny's for having better service is just good business.
We at MRG offer I believe a win, win as we provide a FREE Quote but more over a No Obligation Analysis of your current service to insure you are receiving the best rates and service available.
Enclosing, remember that its a competitive industry as most all offer close to the same rates so look beyond that for a company that provides easy access to their customer service, account executive, etc. Beware of contracts, junk fees and teaser rates. If it is to good to be true, IT IS TO GOOD TO BE TRUE!
I hope this was helpful information and like with everything take the time to read the fine print of any proposed offering for service.
Marsh, I just started looking at Merchant Services for my start up. It seems there is a lot to know. It's not as straight forward as one would think as everyone claims to have the best service and rates.
Very confessing, Help!
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MARSH ROBERT GROUP Business and Financial Solutions for an ever changing World
MARSH ROBERT GROUP Business and Financial Solutions for an ever changing World
MARSHROBERT.COM
MARSHROBERT.COM
