Signed in as:
filler@godaddy.com
Signed in as:
filler@godaddy.com
This goes back to the previous question regarding rates. With Square they charge a standard flat rate that is well above the average cost of interchange.
With 99% of merchants they know they are covering the cost with the standard 2.6% and 10 cents per transaction for swipes.
The other unique part about Square is that they are considered a payment aggregator. When you sign up with Square, you don't actually get a merchant account. What they do is they have one master merchant with sub-merchants underneath. With our company you will actually get a merchant ID number, similar to like getting a bank account. Because of this, the customer service is much better because you will be working directly with our staff and the processor.
Plus there is much more merchant account stability. What Square does is they just approve merchants up front and then do the underwriting later. That is why you hear of merchants getting shut down or their funds getting frozen. It's kind of like buying a house where you ask for a $5 million loan and then the bank just gives you the money without having to submit any documents. 6 months down the road they look into your profile and realize you don't have a job, filed for bankruptcy a year ago, and then they tell you that you have to get out of the house. With our underwriting process, the processor and the bank know what you are selling, they have vetted your business, and this gives you comfort knowing that the account is stable for the long term.
On top of that, our rates are much lower than Square's standard flat rate.
The reason I recommend charging your customers 4% when doing cash discount/surcharge is because 4% is basically the ceiling on all of the interchange rates, even some of the high end American Express cards. If we tell you that we're going to eliminate your processing fees, we want to make sure that I am totally eliminating them. If you did a 3% cash discount, and then let's say in the 1st month you only had 10 credit card transactions but 7 of them were American Express cards, your "cost" may be higher than 3% and you would still have some fees to pay. Whereas if you had done 4% that would have covered all of your fees.
When you sign up with me, your merchant account is essentially with my company. We are basically a sub-ISO of a credit card processor which is the ISO. You probably will ask what an ISO is. An ISO is an independent sales organization and is a company that acts as an intermediary between merchants and the acquiring banks that ultimately take in the payments from credit card transactions. The ISO serves a number of functions, including finding new merchant clients on behalf of the acquiring banks and major payment processors, processing the transactions put through by small businesses, and, in many cases, providing support and customer service to merchants for the lifetime of their relationship with the ISO. What's great about working with a company that is contracted with an ISO is that you get the best of both worlds, the technology / pricing from the ISO, and the 5 star customer service from our company that you likely wouldn't get if you were direct with the ISO. The main ISO that I have a relationship with is Maverick Payments. They service upwards of 100,000 merchants. They have 3 sponsor banks, those sponsor banks are Evolve Bank and Trust, Avidia Bank, and Esquire Bank. I don't want to bore you with the details because at the end of the day your merchant account would be serviced by my company, but just know there is a behind the scenes support and tech support team at all times.
When it comes to equipment we literally can offer any payment processing solution. We have credit card terminals (Dejavoo, Pax, Verifone, Ingenico to name a few of the brands). We can offer mobile payments that are terminal based or app based on phones/tablets with swiper devices. We have gateways such as NMI and Authorize.net as an example where you can key in transactions, they have the ability to do recurring billing and subscription type payments, invoicing, store customer data through customer vaults. We offer POS systems directly through our company such as Blogic, Quantic, Dejapaypro, SwipeSimple, plus we integrate into tons of different POS systems and Saas products that we aren't necessarily resellers of. our more robust POS systems can do inventory control, employee management, online ordering, QR code ordering, payroll. In addition to the payment processing, we also have a direct relationship with ADP so we can offer payroll services at a discounted rate. you name it, we can do it.
Our sponsor banks have the ability to do next day funding and even same day funding if you are batching really late at night. our goal would be to qualify your merchant account for next day funding. Each sponsor bank has a different cut-off time. One of them is 9:00pm Eastern, and the other two are 11pm Eastern time. If we get your account qualified for next day funding and you batch out your terminal, POS, gateway before the cut-off time you would receive your deposits the next morning.
The great thing about working with someone local is that you always have that first line of contact when it comes to customer service. You will have direct access to my cell phone and our company will be the one servicing your account. If for some rare reason you can not reach me and it's an urgent issue at the processor level you have a tech support line you can call, plus all of the terminal / POS brands have their own dedicated support lines during regular business hours plus an after hours help desk.
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.