Quality or Quantity?
With many payment processors, the lowest rate of credit card processing means the lowest quality of services and support. You should examine the kind of companies advertising low costs as their main selling point. They are usually the processors not concerned with quality. Their ad or offer for the lowest rate credit card processing may sound great, but if you look closer you’ll find they may not offer an EMV-compliant card reader. Or perhaps they have poor customer service and it takes hours to get to customer support. You would get a great rate from them if you weren’t paying chargeback and PCI compliance fees and fines every month because of your insecure POS system. In order to find the lowest rate of credit card processing, you must take a look at the bigger picture.
Rates Increase
Let’s say you find an honest company with a great quoted rate; you may have just hit the jackpot! Before you start celebrating, check out their company reviews and look at your contract a bit closer. You might have just signed with a company that steadily increases your rates during the term of your contract. If you start out at a low rate, make sure you’re in a rate lock! Your contract might also sneak in a 4-year equipment leasing contract, which will make their “lowest rate credit card processing” not quite as cost-effective as promised.
Time is Money
Would you rather save 10 hours, or $10? If you choose merchant services from a company that’s only selling point is its lowest rate credit card processing, you might come to regret that decision later. What is the processor offering to save you or your staff time? Are they enabling online payments so customers can pay online instead of calling your staff? How about enabling recurring billing so your accounts receiveable doesn’t have to send out monthly invoices? Are they integrating payments into a business management software to save manual entry of posting the credit card payment to the customer accounts? How are they shortening the processing time of a transaction so your customers save time in line? Are they enabling more checkout stations so your customers are no longer bottlenecked with 1 cashier? What about giving you faster funding to your checking account? A click-bait rate may stay low over time if coming from an honest and transparent processor, but may they may not value your time. When a question pops up about what hardware you need, or how to set up recurring billing for your customers, your agent may be busy locking up another business owner in a contract.
The Lowest Rate Credit Card Processing Is Here
If you’re interested in finding the lowest rate credit card processing that offers the best value in technology and time savings, then PayFrog is great for you! With our meet it or beat it price match tool, we can still get you a better rate than you’re paying now. We just need a written quote from your current or prospective processor, and we’ll show you how you can get the best, and the lowest rate credit card processing.
