5 Reasons Why You
Should Think About Switching Your Credit Card Payment Processor
By: Passive Income Expert & Serial Entrepreneur W. K. Little
So when is the right time to switch payment processors?
Is now the right time to switch payment processors?
Cash or
credit? Statistically, most would say credit.
In
fact, 80% of consumers prefer spending with a card over cash. Specifically, the
breakdown is 54% who prefer spending with debit cards and 26% who prefer
spending with credit cards. Point being, accepting card payments is a fundamental of business.
Accepting
card payments is a necessity. Paying for credit card processing is a cost of
doing business.
But what you're getting to find out is there's ways to TOTALLY ELIMINATE YOUR BUSINESSES CERDIT CARD PROCESSING FEES!
It’s
easy to become frustrated with the fees of a merchant account. It’s just as
easy to feel tied down to a provider.
RELATED: 6 Signs Your Business Needs To Switch Credit Card Processors IMMEDIATELY!
You
want to walk away. But you can’t. You need to accept card payments. You don’t
have the bandwidth to make a switch. Plus, you signed a lengthy contract that
doesn’t expire for … a while.
NOTE: Wholesale Payments will help your Business to pay off your contract if you meet certain criteria
Can you keep a secret? Because we can’t
We’re
not great at keeping secrets. So, here’s the truth: You have options.
As a Payment Processor Provider ourselves, we know the ins and outs of the industry.
We not only know what the competition is doing. We also know that you deserve
better.
Woah, slow down! Do the words payment processor have you
heading for the hills?
Hang
with us. We’re not like the others. We don’t try to be.
Hear it from me, as a Credit Card Processing Industry Expert with OVER 30 Years In the Business.
My goal
was to partner with the payment processor I wanted to work with. No lengthy contracts. No high rates.
No
locked-in fee structures, a High Quality Industry Leading Company like Wholesale Payments.
But,
that’s just us. Many other providers take advantage of their merchants.
You
deserve better. Here are five signs you should switch your payment processor.
1. Sky-high processing rates are stealing your profits
Processing
rates always on the rise? Seeing a cost increase on a monthly account statement
is the No. 1 reason merchants leave their current provider.
Providers
are notorious for advertising low “introductory” rates and fees, then raising
them after you’ve signed in to a term contract. You know this as the classic
“bait-and-switch.” This practice makes it difficult, if not impossible, to
close your account.
Interchange
fees make up the most of the processing costs, and they’re not set in stone.
Credit card companies set interchange fees, or “swipe fees,” and update them
twice a year. Typically, these rates rise over time. But some providers will
use this as an excuse to markup their fees as well.
RELATED: Are You With The Right Credit Card Processor? <===
Extra
management and account fees could be burdening your business. Your business may
have reached a threshold where it makes sense to consider a switch.
WholesalePayments can help with a price quote to help you determine if you’re ready for
a switch. We’re so confident in ourselves that we’ll give
you a $500 Visa gift card if we can’t beat your current rate.
2. Extra fees hiding around the corner
At
first glance, the advertised rate looked pretty good. But then account
statements start rolling in and you realize you’re being nickel and dimed with
loads of fees.
Sadly,
we see this with many providers. Interchange fees make up the majority of
credit card processing costs. But your account statement includes a lot more
than just interchange fees.
It’s as
if they’re making up the charges as they go. Unpredictable statements are
headache-inducing.
RELATED: The Top 7 Ways To Lower Your Credit Card Processing Fees
They’re no way to do business.
Wholesale Payments NEVER charges junk fee's like this with their Industry Leading Cash Discount Program!
Payment
processors are notorious for tacking on fees for their services. Even worse,
they don’t always disclose them in the sales process. Some fees are fair.
Others are not as reasonable, and may not be tied to any service provided to
your business. It’s important to note that no fees are truly “hidden.” Any
potential fee charged is spelled out in the contract.
* Below are The Highlights of Wholesale Payments Cash Discount Program & The Benefits For Your Business...ANY/EVERY Business!!!
• 0% Credit Card Processing Cost
• $0 Transaction Fee
• Free State-of-the-Art Equipment
• No Hidden Fees
• $45 Flat Fee Per Month
NOTE: See Video & Attachments Below
But it’s likely that
these were hiding in a lengthy contract document that was too time-consuming to
comb through. Some fees you may have noticed but thought nothing of. But
now, they’re a problem.
Tell me
if any of these sound familiar.
- Set-up
fee
- Cancellation
fee
- Monthly
minimum fee
- Monthly
equipment fee
These
fees may add up to hundreds or even thousands of dollars a year. You need a
credit card terminal to process transactions, and they’re expensive. But if
unnecessary fees are ballooning your account statement, it may be a sign you
need to switch.
Wholesale Payments will put together a comprehensive statement to show you what you
can expect.
We will review it with you line by line, so you know every dollar.
No
surprises. That’s business the right way.
3. Compatibility
issues slow you down
Incompatible
equipment shouldn’t interrupt your bottom line.
Compatibility
issues can prevent you from realizing your full potential.
In
today’s climate, e-commerce and contactless payments are
the new norm. You don’t want to have to turn down transactions because you
can’t process them.
In most
cases, providers identify and correct compatibility issues early. But there’s a
chance your provider isn’t keeping up with the times. After all, it’s work to
update equipment aptly.
In
2020, the pandemic shifted many purchasing preferences. It’s not just card
payments that are the norm. Contactless payments have grown to mammoth
popularity.
According
to a January survey, 75% of Millennials said
they preferred contactless payments. Another 70% of Gen Z shoppers said they
liked it, as well. Some 65% Gen Z respondents even said contactless payments
were a “must have” for merchants.
RELATED: What Is a Cash Discount Program and How It Can Help Your Business
We’re
not saying you need to spring into action based on every trend. But you deserve
the option to.
Updates
lagging? It may be a sign you’re due for a switch.
Wholesale Payments can help put the right credit card processing equipment in your
hands. Plus, we stay up on the latest updates. We’re always up on industry
trends. You never miss a beat.
4. Customer service
always on hold
Few
consider the importance of good customer service until they need to use it.
Sadly, not all customer service is created equal. Some providers tend to focus
more on acquiring new accounts than they do taking care of the ones they have.
Typical
is to outsource customer service operations. Or worse, replace it with an
automated answering machine. Neither is the most helpful.
There
are tell-tale signs that a business has good customer service support.
RELATED: Your Business Doesn't Have to Pay Credit Card Fees Any More and Probably Shouldn't
Things
to look for include an in-house support option with a designated point of
contact for issues. Another is reputation. Businesses, like Wholesale Payments, use Trustpilot for customers to leave
reviews. The Better Business Bureau is another worth checking out.
Point
being, you deserve on-site support and a person who knows your business. Wholesale Payments has (human) support that can work with you to resolve any issues or
questions.
Our support team is local, in SEVERAL Areas of The Unite Sates, and can provide comprehensive
support.
5. Lengthy contracts
have you locked in
Lengthy
contract terms are extremely unpopular. To get a good introductory rate, that
often means signing a two or three-year contract. You did, and now you feel
stuck.
Just
because you signed on the dotted line doesn’t mean you are out of options. It
still may be time to think about switching providers. Closing your account is
tricky, but it can be done. You may need to time it so your account closes
before a renewal takes effect. But it’s possible, and it may be simpler than
you think.
RELATED: $0 Credit Card Processing Fee's???- Check Your Statement For These 4 Terms
Penalties
for canceling a contract are hefty. We’re talking thousands of dollars. Even
worse, providers who tack on significant fees are often the ones that charge
early termination fees. You may research a new provider who may be willing to
cover some or all of your termination fees.
It’s
important you get the help you need. Don’t feel stuck. Accept help.
Wholesale Payments will be transparent with you on your contract agreement. We won’t
let you sign anything you don’t fully understand. Oh, and cancellation fees?
Not our thing. We’re so confident you’ll enjoy working with us, we ditched
cancellation fees.
We may
be able to help you out of your current contract. Let us work with you.
Up your payment
processor and your Jenga game
Listen,
we get it.
It’s
basic human nature to plan for the perfect moment. But there may never be a
perfect moment to make the switch. Too many elements are at play. Switching
might feel stressful, like pulling a Jenga block. One false move and the whole
tower collapses all over the floor. In reality, it’s nothing like that.
Switching
providers to A High Quality Provider like Wholesale Payments is a lot less of a change than you might think. It’s a quick and
simple process. Plus, providers like Wholesale Payments do a majority of the
work for you. Wipe the sweat from your brow and pull that Jenga block with
confidence.
We know
you might still be on the fence.
Sure,
you have frustrations with your current payment processor. But it works. Plus,
it’s synced up with your inventory system. Swapping providers would disrupt
current flow of operations, wouldn’t it?
Not in
the least bit.
Our
swaps are seamless — unlike Indiana Jones’ idol swap in Raiders of the Lost
Ark. You won’t be chased by a giant boulder.
Wholesale Payments integrates with most every inventory system. Our systems integrate
with QuickBooks, Shopify, Woo Commerce, and Aloha, just to name a few. And, we
do that work for you.
So,
when is the right time to switch providers?
There’s
no time like the present.
Let Wholesale Payments show you how.
Wholesale Payments Cash Discount Program was created to help small business owners take control of their processing costs.
We are working to build transparency in this industry by educating business owners. Their Cash Discount Program with it's Flat $45/mo Fee, AND NO HIDDEN FEES is easy to use!
Learn More About Wholesale Payments Cash Discount Program
If you are interested in learning more about Wholesale Payments Cash Discount Program with it's Flat $45/mo Fee, and NO HIDDEN FEES , contact them today!
You can also visit THIS LINK to talk to a Highly Trained Specialist who can help you go over not only your statements but your entire solution!
If you are interested in learning more about the Credit Card Processing Industry and which processing solution is right for you AND Your Business, simply call 772-237-1017 (24 Hour Direct Line to Leave a Detailed Message) or by email by clicking HERE NOW!
3. Recommendations — Do not go asking a lender representative who the best payment processing company is. A merchant account payment processing provider in good standing will represent many different banks as well as payment processing options, and because of this they’ll likely suggest the best possible solutions for your business’s payment processing needs.
