5 Reasons Why You Should Think About Switching Your Credit Card Payment Processor

 

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.

Why Choose Wholesale Payments Cash Discount Program?

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!

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$0 Credit Card Fees! - Your Business Doesn't Have to Pay Credit Card Fees Any More and Probably Shouldn't

 $0 Credit Card Fees! - Your Business Doesn't Have to Pay Credit Card Fees Any More and Probably Shouldn't

By: Serial Entrepreneur & Passive Income Expert W. K. Little

Legal challenges have succeeded in overturning bans on passing along the fees for credit card payments.

For entrepreneurs, every dollar matters.

Why, then, do so many business owners willingly absorb a cost -- often as high as 4 percent -- to accept credit card payments? If you’re among them, know there is a cost-free, frictionless way to pass on the fee to customers.

Thanks to new rules, merchants are able to post a single Cash Price and then apply a fee when buyers choose credit cards. So when your business sells $100, you receive $100. The practice is not only beneficial to businesses but also to consumers.

RELATED: Are You With The Right Credit Card Processor? <====

Why Cash Discounting Works.

In 2013, new rules enabled businesses in the United States to do what universities and government had long been permitted to do: pass on the fee when customers choose credit cards for convenience or rewards. And this month, further signaling a nationwide shift toward credit card surcharging, the U.S. Ninth Circuit Court of Appeals ruled California’s state-level ban on the practice is unconstitutional.

Businesses previously had few tools to manage these credit card fees, which increase twice yearly and are among the fastest-growing costs of doing business.

In fact, the cost of many rewards cards increased by OVER 24 percent between over the last few years, according to the federal Government Accountability Office. While these costs were increasing in the U.S., they were decreasing in countries where passing on the credit card fee through Cash Discounting had been permitted.

RELATED: $0 Credit Card Processing Fees: How Merchants Can Boost Business With A Cash Discount Program

The excessive cost stems from a lack of transparency. For far too long, credit card issuers have been insulated from price competition due to unfair bans on surcharging, for which the card companies lobbied aggressively.

When consumers bear the cost of their own credit card rewards, they are more likely to switch to another form of payment when the cost becomes too high, applying price pressure to the card companies for the first time.

This relief benefits all merchants but especially those with tight profit margins. If your margins are in the single digits, a 3 percent credit card charge eats up a sizeable portion of profits. Higher prices charged across the board by businesses to make up for the fees on credit card payments indirectly cost families that pay in cash or with debit cards more than $1,100 per year, according to a study by the Federal Reserve Bank of Boston. 

By passing on the cost of credit card transaction fees through Wholesale Payments Cash Discounting Program, small- and medium-sized businesses that had previously found card purchases too costly to process can now accept credit cards for the first time.

Finding The Right Provider.

To pass on the credit card fee, businesses must comply with rules set by card brands such as Visa and MasterCard.

If your business is looking to pass on credit card fees, it is best to partner with a compliant processing provider like Wholesale Payments for a turnkey solution. They will be experts so you don’t have to be, automatically complying with all the rules. Further easing the process, the best providers won’t lock your business into a long-term contract.

And be sure to ask for compliance documentation, and be wary if they cannot produce it.

NOTE: Wholesale Payments handles ALL The PCI Compliance For ALL of It's Clients ABSOLUTELY FREE

The most reputable providers will handle all the details of implementation, beginning with notifying card brands and your acquiring bank. They will help set up signage at the point of sale to keep customers informed and keep your business compliant.

NOTE: See an example of Wholesale Payments compliant signage that'll protect your business in the Attachment below.

One important rule is that no fee can be applied to debit cards, so be cautious of companies that don’t heed this requirement. Another benefit of a compliant provider, then, is that your customers can use debit cards at no additional cost (with your business paying the much smaller fee associated with debit).

The surcharge adds no friction to the check-out process and will be easily understood by customers. This pricing model, already allowed in 42 states, would be quoted as, “$10, with a 3.5 percent FEE for credit.”

If credit card fees are already baked into your pricing, Wholesale Payments Cash Discount Program will allow your business to lower prices across the board and become more competitive.

Passing on the credit card fee to customers by partnering with  Wholesale Payments is an efficient way to bring down costs, add transparency to the payments process and make payments fairer to everyone. 

So the only question remaining is why is your business still paying credit card fees when you DON"T HAVE TOO?

Click HERE NOW to start TOTALLY ELIMINATING ALL YOUR BUSINESS CREDIT CARD PROCESSING FEES!

Wholesale Payments is THE leading credit card processing company in The US offering one of the most incentivizing cash discount programs on the market. 

Wholesale Payments Cash discount program eliminates up to 100% of processing fees while enabling businesses to offer their customers a larger variety of payment options.

Wholesale Payments Technology makes it easy for you to offer your customers cash payments, contactless pay, mobile pay, gift cards, and credit card payments without charging you any of the hefty processing fees. By eliminating these fees entirely, you can save your business thousands of dollars per year.

Wholesale Payments also offers 24/7 customer service, transparent pricing, no setup costs, and will walk you through the setup process with a product professional for FREE.

You’ll also have access to QUICK Cash Advances, FREE State Of The Art Equipment, Local Account  Management and ton's of other perks. 

Get in touch with  Wholesale Payments by clicking HERE NOW   to learn more about how a High Quality Cash Discount Program can boost your business AND INCREASE YOUR PROFITS IMMEDIATELY!

Learn More About Wholesale Payments Cash Discount Plan

If you are interested in learning more about the credit card processing industry and which processing solution is right for you, contact us today by phone @ 772-237-1017 or by email by clicking HERE NOW!

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