The Longer You Stay The More You Pay

Fee Increases for Long Time Customers are Standard in Credit Card Processing

Just like insurers, cable providers and other companies with recurring charges, if you stick with the same payment processing or merchant services company your rates will likely go up every year. The pricing is convoluted and confusing, changing processors is a pain and they are betting that you will not notice the increase or switch providers.

Routine Rate Hikes

Team Merchant received an email from one of our processing partners the other day: “The monthly fees to your clients will be increased by $30/month, if you would like to opt any of your clients out, let us know.” This would allow a sentence to be hidden at the end of our client’s statements notifying them of this fee increase. You know, that paragraph of legal jargon that everybody reads so carefully?

I Bet if They Increase Your Rates You Still Won’t Switch.

What changed that the processing costs more this month? Nothing was new or different for our clients. It was not harder to process payments, there are no new regulations or infrastructure changes that would drive the costs up. The only thing that changed was how long the customers had been customers. In the payments industry customer loyalty is often penalized instead of being rewarded.

But how can that be? How can credit card and ACH processing rates increase for loyal customers? It is simple - they’re betting that you won’t even notice it., Or if you do, that you will accept the fee increase, rather than put in the effort to switch. Changing merchant services provider is a hassle. It takes time. The industry is ripe with hidden fees, bait-and-switches, and unfulfilled promises. Even if someone offers you a better price, how can you know it’s actually better? Further, if your solution is working, why fix something that isn’t broken?

Finding an honest expert or a payment gateway consultant that can make sense of everything is a real challenge. That’s why Team Merchant has created a different model. Think of Team Merchant as a fiduciary for the payment world. We review your rates and fees with you every year. We compare your current costs to our original quote to prove we deliver on our promises.

Doing Things Differently

The Team Merchant Customer Experience

We at Team Merchant strive to change the industry of payment processing for the better. We are advocates for merchants both big and small, local and national. As a values focused company, our approach is totally different than anyone in our industry. Our company is founded on providing an excellent customer experience.

Discovery:

1.)    Listen to the needs of the client
2.)    Share our company values and background
3.)    Educate the client on fee structures

Consultation:

1.)    Analyze their current payment processing solution(s)
2.)    Design a proposal and/or quote tailored to their needs
3.)    Discuss potential solutions based on the clients needs

On-Boarding:

1.)    Communicate the steps needed for success
2.)    Help the client from the application process through installation
3.)    Implement new solutions and train staff

On-Going:

1.)    Review Initial and ongoing review for accuracy and accountability
2.)    Respond with excellent service from your dedicated account manager
3.)    Support and guidance with PCI compliance

Does your experience with your payment provider compare?

To learn more about how Team Merchant does payments differently schedule a meeting today.