Opening a new business is exciting. Your the boss now. Getting that new store setup or website built and completing the first transaction is a big accomplishment. Your company is open for business.
When an entrepreneur opens a new business for the first time there is a many new financial obstacles. Among the first and typically in a fast fashion the new business owner is introduced to the payment processing industry. It basically happens by default. If a business requires accepting debit or credit card payments then the next logical step is to find a way to take these payments. There are several different places new business owner’s can get processing but still need to watch out for credit card processing trap.
Learn how business owners sign a bad credit card processing agreement.
The new business owner started looking for a merchant service provider and spoke to a few sales people. Most merchant service companies and sales agents are good but there are a lot of shady agents that can jeopardize your entire business. The deal seemed good so you just signed the agreement without reading it. In the blink of an eye you opened an new merchant account. That’s how fast it happens you have a brand new business merchant account and are ready to start making sales.
Let’s assume everything is setup correctly and your business begins using the point of sale system or online virtual terminal and sales are moving smoothly. Then the monthly processing bill shows up. The fees seem high and your scratching your head wondering what happened. The bill is several hundred dollars more then you thought it was and call the company. The new business owner just fell into the credit card processing trap. Now the business owner is trapped with unexpected bills and an expensive headache to get out of.
A lot of new business owners get tricked into bad credit card processing deals because they did not read the contract or understand what they were signing. If your not careful you will get stuck paying lots of high, a long term lease and high termination fee. There are many merchant service companies that
Tips to stay away the credit card processing trap:
- Read the contract twice
- If you don’t understand something ask what it is.
- Ask for cancellation rates and waiver in writing
- Get copies of all agreements
How not to fall for the credit card processing trap.
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