Our Guide to Credit Card Processing
You should be able to trust that your payment processor is doing right by you. The average tenure of a merchant with other credit card companies is just over a year. Ours is more than eight years. We treasure this by continuing to provide leading edge products and exceptional service and continually strive to earn your business.
Your monthly statement should help you understand your costs, not offer a complicated puzzle. If you sign up for Zero Fee or SimpleRate you already know what your statement will look like. If you request custom pricing, you’ll see your quote reflected on your statement every month. Should you have any questions, your dedicated account manager will provide the answers you need.
Beware of companies that advertise a single low rate. V/MC/DC start at around 1% for PIN debit, but that is only the first of a four rung ladder. If your prospective processor does not tell you up front what all the rates are, if they lure you in with a teaser rate then surprise you with the higher rates later, you are seeing today’s version of bait and switch.
The old adage applies; “if it sounds too good to be true it probably is."
For instance, if your company is an e-commerce enterprise then none of your transactions will qualify for the two lowest tiers. Your rates will begin at what is called Mid-Qualified, that typically begin around 2%.
At PreferredPay our aim is transparency. You can choose the No Fee or a SimpleRate membership package or you can get a custom quote. Upon receiving your quote your designated account manager will walk you through all the components of the proposal and consult on which processing software or hardware best fits your business.
Also, beware of credit card machine lease programs. In the long run you will end up paying many times the cost of a device that you could purchase from most companies for under $300.
Lastly, ask your prospective credit card company if you will have a single point of contact for all your credit card processing needs, ie: questions regarding deposits, refunds, voids, batches, chargebacks, etc. At PreferredPay you will have a one person, whose voice you will recognize, to talk to for all your payment processing needs.
Common Fee Comparison
SimpleRate or Traditional Pricing
You can get started with SimpleRate rate right away! Just click "Apply Now." If you'd like to leverage the benefits of PreferredPay membership, but prefer a traditional pricing model, make sure to request a quote below! We'll get back to you within one business day to make sure you're happy with your quote. If you're not sure whether to choose SimpleRate or Traditional pricing, give us a call or send us a message- we're happy to help.