Merchant Service Overpayment Quiz
"Am I Overpaying for Merchant Services?"
My one word answer: Probably.
My slightly longer answer: It depends on how much you know about how merchant accounts are priced - specifically YOURS.
Take this quiz and then score it at the end to see your probability of currently overpaying
Question 1: Do you know which pricing method is being used for your account? (e.g. Flat Rate, Interchange Plus, Tiered, Bundled...)
Question 2: Do you know the processing rate that is appropriate for your company's sales volume?
Question 3: Do you know your SIC/MCC code?
Question 4: Have you downloaded the latest Visa/MasterCard/American Express rates within the past year?
Question 5: Do you understand each line item on your monthly merchant account statement?
Question 6: Do you know and trust your merchant account representative?
Question 7: Did you refuse to lease a credit card terminal for processing cards?
Question 8: When you signed your current merchant account agreement, did you shop for rates and do a comparative analysis of those rates?
Question 9: Do you know how to minimize fees in your merchant account processing?
Question 10: Did your merchant account provider advise you to maximize the use of debit cards from your customers?
Question 11: Is your current processing fee the same as what's written in your original contract?
Question 12: Have you had other companies look at your fees and say that they couldn't help you?
Question 13: Do you get calls often from merchant account companies trying to get your business?
Question 14: Does the software that you use to run your company allow you to use any merchant account company for your processing?
Question 15: If you need help, does your merchant account company answer the phone quickly and help you resolve your problem asap?
Question 16: Did your merchant account representative discuss alternative ways to process cards based on your specific needs (e.g. virtual terminals, mobile processing, need to integrate into a website, QuickBooks integration)?
Question 17: Are you comfortable with your choices of PCI Compliance?
Question 18: Have you changed merchant account companies because of rates or level of customer service?
Question 19: When your monthly statement comes, do you do a quick analysis the way your representative taught you to make sure everything is right?
Question 20: Did you have Jerry Wistrom discuss everything with you regarding your merchant account needs?
If you answered "NO" to any of the above questions, there's a good probability that you are overpaying for your merchant services.
If you answered "NO" to any of these questions (1, 6, 10, 13, 14 18) you are most certainly overpaying.
The best way to find out if you're overpaying is to answer "YES" to Question 20.
Allow me to help you look at your current situation. I usually find significant savings for the accounts I review.
I look forward to EARNING your business.
Please call my office at 860-298-8820 so that I can set up a time to briefly
discuss your needs.
All the best,