davidjohn6366
81 posts
Oct 20, 2022
11:58 AM
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If you're the owner of a small or mid-sized retail or restaurant, you are probably being approached on a regular basis about changing your merchant
processing - the service you use to accept credit and debit cards. Should you listen to them? Should you consider changing processing service? And if so, on what basis should you make the decision to change?
It Makes Sense to Talk
Unless you are actually excited by the processing service you are currently getting, you should talk to some of the people approaching you and consider what they are saying.
In the first place, if you spend fifteen minutes speaking to an agent in the first conversation and then, later, forty-five minutes on an application in order to get a 10% reduction on your processing rates, that in itself is a valuable use of your time. If you're processing $10,000 per month and paying a total of $250 in fees, a 10% reduction is $25. That's $300 over the course of a year, and $600 over two years. In other words, you will be paid perhaps $600 or more for that hour of time over the next two years - just in rate savings.
That is a very conservative estimate, however, used only to illustrate that a relatively small amount of change can, over the life of the contract, be a change worth making. It is worth taking the time to discuss and consider.
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