My story:
I…read morehave checked all of the local merchant services here in Houston and Stafford. This place had no dirt, meaning no bad reviews etc. I gave them a try, the sales guy was somewhat honest UNTIL he fail to mention a couple of important details.
I stop by, spoke with a different sales guy, the CEO who was trying to tell me that there IS a contract. Both the guys weren't on the same page...
Either way i sing up, next day I get an email from Eprocessing, telling me that they are going to charge my account 8 dollars a month for a gateway fee, and .10c per transaction. Hell I know I ask all the damn questions and read all the damn contract, the sales guy was sitting right by side and I ask him ALL of the percentages.
I have a copy of my contract and there is no 8 dollar monthly charge or any additional .10c ON TOP of the .27c for a "Debit" and .10c for the Credit that I am already getting charge for every transaction. I call the sales guy up, he said there was a mistake and I haven't heard a word back from him in a WEEK.
I wish everyone went back to carrying cash and guns lol.
Review the company first with google, yahoo and all other search engines that allows the users to review the company. Make sure all the reviews are legit. I found this one company posting fake reviews about himself. How did I find that out? All of the users had good rating for that company and a different one. Those where the only reviews for that one company. You know if you actively review, you are going to be reviewing more than one company in a year, not a decade.
Please make sure you ask all the questions and READ the ENTIRE contract before you sing or initial ANYWHERE.
Questions:
Is there a contract, cancellation fee, annual fee, minimum balance fee, processing fee, transaction fee, interchange fee, gateway fee, Service fee, monthly fee, IRS Fee, ACH fee, Holds on the transactions for reviews, 24 hour customer support.
Rates:
There should be NO rate for a DEBIT if you are going to be using a mobile device such as IPOD or Android. You will not be carrying a pin pad so every debit and personal credit should have the SAME rate.
For rates there are Qualifying, Mid Qualifying and Non Qualifying. There are all different!
Qualifying is for regular debit and personal credit cards. They go at a low of 1.64 normally.
Mid Qualifying would be reward cards. Normally in the middle 1.80% .
Non Qualifying would be business/corporate and world cards. 2.30% or higher.
There is also a key in rate that is about 3.30%
On top of these rates there might also be an Interchange rate of .30% for every 1,000 .
If you fail to make a transaction for that month or keep a minimum balance, there is also a fee for that.
I suggest you make a little chart with all the fees so you know what to ask for when shopping around for a different merchant service provider.
Like I've said, I have been looking for a merchant service for weeks now. Calling, Comparing rates, asking all of the questions. Rates are always going to be different and they are ALWAYS going to lie.
Like they say, you gotta spend money to make money, but only a FOOL will invest money on a company that has no honesty or integrity.
For now this entrepreneur is going to accept cash only, whether I make it or not.
Good luck to all of y'all, G-d Bless