The merchant services industry is not well known for being clear and transparent about the way it structures fees, leases and rents equipment and handles contracts. Here are the answers to the five questions we most often run into.
1. What rates are you paying and where are they on your statement?
Most merchants to do not have a good understanding of how they are being charged and how to decipher their statement to find out. The industry makes it indecipherable as a way to prevent price comparisons that might loose them accounts. Pricing is complex and statements often miss vital information that would allow the merchant to understand their fees.
2. Do I have to switch my terminals if I change my processor?
You might think yes. Most commonly the answer is no but this is used as a way to make merchants think that they have to stay with the processor who originally delivered their equipment. You can change processors and keep your equipment in about 90% of cases with the exceptions being some more complex POS systems.
3. Do I have to wait for my contract to expire to switch?
Simply put – NO! You can switch anytime and may have to pay an early termination fee but that will likely be reimbursed by the new processor.
4. Are you paying too much for your equipment?
Some processors deliver aggressive rates on transactions but charge hefty sums for equipment leasing. These leasing contracts can amount to thousands of dollars over their term on equipment that is worth a couple of hundred bucks in most cases. Ouch! When you are asking yourself if you are getting a good deal, be sure and include leasing costs in the equation.
5. Will switching processors affect my POS system?
No. You might have to use something called middleware to translate between your POS system and your processing but you can, in most cases, switch processors and save a significant amount of money every month. If you think your locked in, check. You are probably not.
The bottom line is your bottom line. It’s worth spending a few minutes finding out if you can get a better deal. It is usually hundreds or thousands of dollars a year difference and we know you hate dealing with it, but drop us a line. We are nice and we can help 🙂
On Tuesday of last week I received an email letting me know that Ethix had been selected to present at the Social Enterprise Alliance Pitch Night in San Francisco. I had been eagerly awaiting the news as it had been some time since I had completed the lengthy application to be included in this event. I was excited and started to think about what I wanted to say about our company.
So we would like to introduce you to another member of our team. Brooke Thivierge, our Community Manager and all around “keep us together and pointed in the right direction” superstar. It’s hard to think about Brooke without mentioning Riley (the dog) who, with the exception of Brooke’s husband, is her most frequent and constant companion in addition to being official Office Dog here at Ethix.
Brian perfectly fills the position of Chief Technical Officer here at Ethix. His wealth of knowledge, experience, sensibility and compassion for the “dumb” questions keeps us all working with confidence that we are in good hands. Like all of our other team members, Brian is incredibly valuable in his department and all the other areas that we finagle him into. Brian maintains the computers, phones, office equipment, website, forums, live webcasts, newsletters, and even the marketing material and e-tools that many will see or use. He has been called a web guru, marketing genius but most importantly he is “our tech guy.” Thankfully his tech knowledge is paired with his creative ideas that help build and improve our growing company. So, technically speaking we’re not just lucky to have him, we’re thrilled!
