Boy it sure seems that merchants are being constantly bombarded with more and more advertising from different agents and processors out there. Each one touting the newest and greatest “thing” since sliced bread! Enough already!
I’m not sure if you’re aware but every single agent/processor out there has the EXACT SAME Visa/MasterCard/Discover pricing structure. It’s called interchange and those prices are set for everyone. The only difference between processors is the amount of overhead and profit they want to charge.
Here are a couple of things to be wary of if shopping around for a new processor:
- 1. Really dive into the numbers! This is extremely critical when looking at the different types of programs being offered. Whether it’s a tiered pricing schedule or interchange plus, each program has its strengths and weaknesses and it just depends on your comfort level. In a nutshell, tiered pricing is much easier to read and understand while Interchange Plus (IC+) tends to be a little more complex but more even across the board. If you have questions about your price structure call us! We would be glad to help!
- 2. Check their track record! I would HIGHLY recommend that you look at stable processors that have been around for a while. New startups are usually only in it for one thing, to add accounts and sell their portfolio to another company down the road. This is commonplace in the industry and its bad news for merchants. Imagine having an issue pop up and when you call the help desk you find out that their phone number doesn’t work anymore! We’ve been around 17 years and plan to be around another 17 and even longer!
- 3. Pay attention to outsourcing! Does your processor handle customer service IN HOUSE or do those calls go somewhere else? Does your processor do it’s own underwriting and boarding of the accounts in house? Do they have their own technical support and installations team? We have all of the above and feel that is the only way to do business. Customer service from both the merchant and agents perspectives is PRIORITY NUMBER ONE at USMS!
- 4. What other products and services do they offer? We quite literally offer just about every product or service a merchant would use. From check guarantee to gift cards, from merchant cash advance to ATM’s. We have it all and consider ourselves a one-stop-shop to meet every agent and merchant need.
- 5. Be wary of FREE TERMINAL offers! Nothing in this world is free and neither are terminals. Someone has to pay for the “free” terminal and usually that person is YOU the merchant! In most cases the processor covers their cost for the terminal by adding fees to your account that you might not normally be charged. Be sure to look at the fine print!
To put all of this in a nutshell, we think we’re the best darn processor out there and we want to earn your business! Give us a try. We think (better yet we KNOW) you’ll be impressed!
