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Reviewing Merchant Account Statements Can Save You Money

review merchant account statementsStarting a business is both exciting and overwhelming. With so many tasks to complete to open the doors, so to speak, sometimes the most important decisions receive the least amount of attention. The selection of a merchant account is often one of them.

It’s understandable that reviewing merchant account providers and comparing rates and fees is not too exciting. Not to mention, confusing. It’s easy for merchants to be sold by the credit card processing provider that had the best-trained salesperson or convincing pitch.

Unless the merchant was unlucky or foolish enough to choose a merchant account provider in the practice of gouging their customers with ridiculously inflated rates and fees, differences in rates between providers is not going to have a profound affect on the business right away.

In time, however, higher credit card processing rates and fees can really add up and directly eat into profit margins. Unfortunately, most business owners do not realize this fact.

And most are not aware that credit card companies adjust rates on average 1-2 times a year. Even if a businessperson were careful in reviewing different merchant account providers at the get go, businesses can end up paying much more in credit card fees as their merchant account matures due to these interchange adjustments.

All businesses, even non-profits, should be concerned about their total expenses. For these reasons, it is important for businesses to review merchant account statements regularly – at least on a semi-annual basis and make sure they’re not paying too much in credit card processing fees.

As long as a business is not locked into a long-term contract or has a poor credit card processing history, the option exists to renegotiate rates with the merchant account provider and/ or find a new credit card processor.

Business owners should not be afraid to question specific fees and even ask for lower rates or suggestions as to how to lower costs.

When speaking with the merchant account provider about lower rates and fees, inquire about services and fees that may not be necessary for the specific business. Sometimes merchant accounts are sold as a robust package with many bells and whistles that are not needed for low volume or small businesses.

At The Transaction Group, we’ve been assisting businesses with their merchant account needs since 2004. We have helped businesses of all shapes and sizes to find the best provider for their specific requirements and saved businesses significant fees.

We have built strong relationships with processors and banks throughout the U.S. and can provide expert advice as well as an array of merchant services, including high-risk merchant accounts.

If you haven’t reviewed your merchant account statements lately, or have, and are looking to save money on existing rates and fees, take advantage of our FREE rate analysis.

Send a recent statement to sales@thetransactiongroup.net and we will get back to you in 1 business day with a detailed report highlighting potential savings. It’s not uncommon for us to save merchants as much as 20% annually.

And if you’re just starting your business or have been turned down do to bad credit or the nature of your business, we can help you too.

But most importantly, remember that by reviewing your merchant account statements on a regular basis, you can help your business to be as profitable as possible.

Call us at 888-383-8056. Or, ‘Apply Now’ and complete our short application. We look forward to serving you!

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Call us today @ 888-383-8056