*Even though they are not mentioned, these fees definitely apply to all merchant accounts in the credit card processing industry. See below to see what has been hidden.
Mid-Qualified Surcharge: This applies to every merchant at every credit card processing company. You will see this surcharge every time you process a rewards card, mileage card, benefits card or any other card is which the card issuer offers incentive for cardholder use. Merchants will pay MUCH Higher Fees.
Non-Qualified Surcharge: This also applies to every merchant at every credit card processing company. You will see this surcharge every time you process a corporate card, business card, government card, international card, or manually key a transaction into the machine. In all of these situations the card issuers & credit card processors assume higher risk or earn less interest so the Merchants will pay MUCH Higher Fees.
Cancellation Fees: This is where they get you. #1. You must return the equipment in perfect condition #2. You will pay a cancellation fee of $595 to $795 PLUS any remaining months on the contract (based on a 12 month average of processing cost), this will be $700 to $2,500 extra.
The bottom line is that the excessive hidden fees and penalties free providers levy make the costs of these programs far higher than meets the eye.
I just don't see how these types of practices form a foundation for building a lasting partnership as the underlying hidden expense far outweighs the perceived value.
So when it comes to getting "free credit card terminals & equipment" if it looks too good to be true it - It is! |
