As the above are all good reasons to shop around for better rates for debit and credit card processing, I wanted to pass along that Gravity Payments has been making the national news lately - in a good way!
The founder and CFO of Gravity Payments (who graduated from a Christian High School that I am very familiar with) has made a commitment to take a lower salary so all the companies employees will eventually make $70,000 or more annually. That is a pretty bold move and speaks well about the company itself. I checked around for reviews and feedback on Gravity Payments from customers and employees and there is actually very little feedback out there. What I found was mostly positive and Gravity Payments does have an "A+" rating with the BBB.
The limited number of reviews and "A+" BBB rating are positive indicators - especially of you search for reviews and complaints for other similar merchant services companies.
As always, perform some due diligence and take some time to watch for the following when working with any merchant services company:
- Will the equipment be compliant to meet the EMV Liability Shift deadline coming up on October 1st, 2015 in the United States
- Early termination fees
- Any sort of long term contract commitment
- Any long term lease requirements
- Ensure that the companies processing will work seamlessly with your point of sale system
- What the real rates/fees are for all types of credit and debit cards (especially check the rates for rewards and airline miles cards)
- Any statement, PCI, chargeback, or similar one-time, monthly or annual fees
- That the average sale/transaction amount in the contract matches what your records show
Are you in the US and in need of no cost retail point of sale advice? I'm happy to help and can be reached on my cell at 208-340-5632 (I am on Mountain Time) or via email at email@example.com. There is also a contact form to the right that can be used to reach me.