How Card Processing Companies Get You. Yes, They Are Definitely Getting You.
Credit card processing sales organizations are all in business to make money. You need to understand this simple idea now, and stop kidding yourself. If it’s your friend’s wife who works for a company and is going to give you a deal, or it’s your cousin Eddie who is telling you he can pass some savings on to you, the bottom line is this. No one, and I repeat NO ONE is going to pay money out of their own pocket to give you a rate that is better than what the card processing companies charge them.
I have come across hundreds of people who have assured me that they have a great rate due to a friend. These people often pay the most money in fees than anyone. They don’t shop around because they feel their friend would never lie to them.
The trick almost all companies use is misdirection. They can offer you a lower percentage rate while charging higher fees or having you overpay by thousands over the term of an equipment lease, or can give you really good equipment deals, sometimes free, while gouging you with higher rates and often hidden fees.
Once again, let me remind you… nothing in this business is free and a deal that looks too good to be true often is. It's really important to understand that only a few cards actually qualify for the lowest rates. So paying attention to only that "really low rate" number is usually the kiss of death for your hard-earned money
If someone shows you some type of low 1% or 1.2% rate that only works on a card no one ever uses, then charges you 5% on all other cards, you will end up paying far more than a realistic average rate of say 1.8% for many types of cards, with some sort of maximum rate of on what are commonly called downgrade cards. These include rewards cards of certain types, business purchase cards, and many others which are not considered qualified for just about any other reason you can think of.
Until you add up all the hidden fees, monthly fees, annual fees, statement fees, customer services fees, network fees, transaction fees, authorization fees, and equipment fees that many places may or may not charge…. That great 1.2 percent deal can result in what is effectively a 5 or 6 percent deal.
Bottom line: The other guys aren't necessarily being dishonest; it’s simple smoke and mirrors, which is really misleading. Contact us today for the best OVERALL deal possible, GUARANTEED in writing. Please read on to the next section if you still aren't convinced.
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