Getting Ripped off on Merchant Credit Card Fees?

Getting Ripped off on Merchant Credit Card Fees.  I have seen this many times when escrow closes on  the sale of a business to a buyer.  The first places people think of when they look for merchant processing is the bank which with they have set up the business banking accounts with.  When setting them up, they’ll be told that Bank also offer Merchant Processing for them.  Be Careful to review the terms your bank is offering, often times you can shop around and get better terms with another third party processor.  Watch out for getting locked into an unfavorable contract and paying inflated prices on the actual physical processing equipment you receive.  If you buy them from the processing company they could be charging huge markups or trying to get you into an expensive equipment lease.  Don’t go for either, shop around and buy a terminal a fraction of the price on your own.  Just make sure to do this as quickly as possible, because if there are delays in getting your equipment and merchant account set up, you will be unable to conduct business, as you won’t be able to accept Credit Card Payments.  Some other things to watch out for and ask about are the rates charged for the type of transaction, such as transactions where the physical credit card is ‘swiped’ and those that the credit card number is ‘keyed in’ and the card was not physically swiped through a terminal.  ‘Keyed in’ transactions are viewed are higher risk, so there are higher rates charged for those, so make sure to ask about those rates.  Also, there are different rates charged for different credit cards such as for American Express versus Visa versus Discover Card.  Going one step beyond that, sometimes ‘Rewards Cards’ may higher higher processing fees compared to the same company’s regular cards.  The terms to ask about are ‘Mid-Qualified’ and ‘Non-‘Qualified Rates.  Moe Essa is a person to talk to about getting good terms for your merchant account.