Ask Your Current Credit Card Processor The Following Questions
If you need any clarification on any of these email Pete Beckary

Who Does Their Processing?
Silly Question? Not at all. Many merchant service providers are independent brokers. It is very important for the business owner to know what processor and physical hardware is used to handle your money. (Do you trust them enough to hand over your wallet?)
Two major processors were recently breached/hacked into and put on probation by the Visa Association.
Did you personally receive a replacement Credit or Debit Card any time recently when the card had not expired nor replacement requested?
*If so – that card may have been compromised in a breach.

How Do They Handle Discover And American Express?
Do they charge you a "Third Party" transaction fee and then hand it off to Discover or Amex only for them to charge you more and delay funding?
In this case you will get up to three statements, three daily deposits, and a big headache when reconciling your operating bank account.

How Much Disclosure About All Their Fees Do They Provide Up Front?
Do they disclose EVERYTHING – or will there be surprises?
Common fees include:
> Statement fees
> Monthly Minimum fees
> Monthly/Quarterly/Annual Service fees
> Batch Settlement fees
> Association fees
> Hidden downgrades
> PCI Compliance fee
> Receipt Capture fee
> Equipment Rental or Leasing (bound to a surprise 4-year lease)

Do they "bait" you with a low "rate" without explaining that there are various types of transactions with different rates?
Not all transactions will process at that wonderfully low rate they promise you. In fact, you may never see that promised awesome rate on your monthly statement.
Many businesses are not properly set up with the most favor pricing/rate plan and incur higher costs for processing.

What do they say about PCI Compliance?
PCI Compliance is an industry standard that requires everyone from the Processor to Merchant and the processing equipment/software to meet certain standards.

Is the equipment they provided or sold to you PCI Compliant?
Be careful that your provider does not provide you with “free” equipment now only to force you to buy an over-priced newer terminal because of compliance later.
Many sales reps have limited options for terminals and only offer what benefits them and not you.

How long has the Sales Rep been with his/her company?
Attrition in this industry can be high. Will he/she be around in six months?

What Type Of Training Do Their Employees Have?
The industry is constantly changing. A one-week training school is not sufficient any more.

They should have training in the following areas at minimum:
> Technology
> Equipment
> Software
> Online Products
> Interchange

How do you get your batches? (Consider the time it takes to reconcile)
> Net or gross?
> How often do they take their fees out?
> How many deposits do you get in a single day?
> Is Debit or Discover or Amex separate?
> How long do you wait for your money to hit your bank account?

Who does this Provider partner with?
Does he represent different trade or business organizations?

Can he provide references for you from a variety of businesses from various industries?

Are the Provider's terminals host or terminal-based?
What happens to your unsettled batch if the terminal fails?

How Do They Support You After The Sale?
Who do you call for support after signing on the dotted line?
Will the person who sold you the processing services continue to be accessible?
Who will configure and install your terminal, software, and online products?
What level of involvement did the Provider have in the development of those products? (Software/Terminals, etc.). Simply put – are they able to do advanced support?