By Bear Thomas, SW Regional Account Rep at Merchant Solutions International
Credit cards are an ever increasing part of any merchant’s income. Every merchant wants to control their expenses. Credit card processing is THE most misunderstood aspect of any business.
Is your Credit Card Processing System Broken?
While many will say, “if it’s not broken, don’t fix it”; this seminar will let you know when it is broken. With complexity come confusing followed by misinformation and loss of money. Understanding how to control this expense can save hundreds each month, thousands each year. This money goes directly to the bottom line! “Lies, Scams, and Myths about card processing” gives a merchant the knowledge to make well-informed decisions so they can keep more of the money they have already earned.
Any merchant who takes plastic for payment MUST know the truth about this key aspect of their money. Too much misunderstanding exists, and too much money is lost each and every day. The truth is that card processing is a variable priced commodity like any manufactured goods. There is a manufacturer (Visa/MC/Discover/Amex), a wholesaler (processor), distributor (Independent sales organization ISO). In all my years in this business, I have found very few merchants who honestly understand their unavoidable expense. In fact, there are thousands of ISO’s and each has a different layer of pricing. Unlike hard goods distribution, you CAN chose which price level you buy at. Level One ISOs have no one between them and the Processor. Less than 5% of ISOs offer this price level. Most ISOs ‘buy’ processing at one rate and ‘sell’ it at a slightly higher rate, both in a percentage plus an as per transaction charge.
This seminar covers how cards are processed, revealing several common misconceptions. There are several pricing systems and are the most misunderstood. They are also the source of the most costly mistakes merchants make. The seminar covers the most transparent way to evaluate the true cost of taking plastic for payment.
About the Author:
Bear Thomas is the SW Regional Account Rep at Merchant Solutions International – providing low-cost credit card processing that really is low cost. They offer all processing methods at cost-plus pricing like all the big box stores get. His goal is to help merchants keep more of the money they have already earned. Connect with him on LinkedIn.