Merchant Services/Credit Card Salespersons

OK - I already hear the groaning and comments related to salespeople who represent merchant services/payment processing companies.  Keep in mind that I do not represent any of these companies (I stick with just point of sale system and not payment processing services) but have learned a lot over the last 18 years working with what I call merchant services salespeople. Some advice when choosing the best merchant services salesperson (and company):

1. Look for transparency (all fees are disclosed and no unusual fees like PCI compliance charges, buyout charges, statement fees, etc).
2. No contracts (needs change - no sense having to pay $500 to get out of a contract)
3. No equipment leases (do you really want to pay $1500 for a $500 piece of equipment?)
4. The salesperson is not afraid to say "no" or "I will need to check on that and get back to you"
5. The salesperson meets any pre-sale commitments
6. The salesperson and company have already worked with other similar businesses in you area making for some easy reference checks and established familiarity with your business
7. You are working with someone with a local presence that can't hide behind email or voice mail
8. No unreadable fine print on any paperwork
9. The salesperson does not pressure you into making a hasty decision or set short deadlines
10. Rates are easy to see and match your business data (like the average transaction amount)

If you think that the above list is unrealistic - its not. These are some of the standards that I have required over the years and I've never run into an issue with any reputable merchant services salesperson/company balking at the above list.

I've found that the right merchant salesperson can make all the difference when it comes to dealing with merchant services. It also helps me out as the retail point of sale systems that I work with go 'hand in hand' with what merchant services companies offer making it critical for me to have someone that I, and my customer, can count on.

Point of Sale and Credit Card Processing

As point of sale software companies look to increase revenue, one of the common trends over the years has been to 'force' customers to use a certain company for credit card processing services (also known as merchant services).  One of the first companies to do this was Intuit when it came to QuickBooks Point of Sale software. You can always use a separate card terminal but processing credit and debit cards within the point of sale system is much more efficient (only one receipt and quicker end of day procedures).

I've had the opportunity to review merchant services statements from businesses using QuickBooks Point of Sale and Intuit Merchant Services and found that the merchant was generally paying 1/2 to 1% higher than normal fees.  For a typical retail business, this could easily add up to $2000+ annually in additional merchant services fees.

Point being - I highly recommend that you consider two things when searching for a point of sale system:

1. Ask if the point of sale software works with multiple merchant services providers - that allows you to shop around for the lowest rates.
2. Ask about hidden fees related to the point of sale software and merchant services. For example NCR's CounterPoint point of sale software allows you to pick and choose a merchant services company but, if you do not use NCR Payment Services, then you will be charged an additional annual fee (generally less than $200 annually but something to keep in mind).

All in all, pay attention and ask questions when it comes to point of sale software and merchant services - failure to do this could have a negative effect on your bottom line.