You signed with your current payment processing company after being sold on their high-tech equipment and years of experience. Great. But even though you haven’t had (many) technical difficulties with your processing systems, the photo above accurately depicts how you feel when you receive your monthly processing statements. And worse, it’s almost impossible to get someone on the line who can explain why the numbers don’t add up.
Unfortunately, not all payment processing businesses equally. And while we know that payment processing isn’t the coolest cocktail party conversation, here are a few signs that it may be time to switch payment processing company
While almost all payment processing companies charge fees, some charge added fees that are unrelated to any transactions. Sometimes, these fees are buried so deep into merchant account contracts that they escape the merchant’s notice until they receive their first statement and discover they’ve been billed for an “equipment setup fee” or an “account application fee.” If you have been – or are still being – hit with charges you didn’t see coming, it may be time to switch to a more transparent provider.
Tiered Pricing Plans
Merchants should be on the lookout for tiered pricing plans, as these are the least favorable pricing plans for merchants and can be a major red flag. A tiered plan groups several types of credit card transactions into one category and charges the merchant one price for every transaction that falls under that group. The most expensive processing fee in that group is used to determine the price, costing merchants higher fees on what might otherwise be less expensive transactions.
Poor Customer Service
Technology is practically bound to Murphy’s Law: whatever can go wrong, will probably go wrong. And when disaster strikes, you need an experienced team by your side to guide you through the troubleshooting and repair process until the issue is resolved. If your current payment processing company is pretty much unreachable whenever you need them (or leaves you on hold listening to elevator music, keeping you away from managing your business) be better prepared by switching to a provider with a strong track record of excellent customer service.
At Pay Proudly, we hold ourselves to the highest standards of transparency and availability unmatched by anything else in the payment processing industry. Whether you have questions about our billing process or need to work through technical issues, our team is only a phone call away. Call us at (843) 707-6110 or click here to get started now.