WHY DO I NEED A CREDIT CARD PROCESSOR?
ARE YOU PAYING TOO MUCH FOR CREDIT CARD PROCESSING?
“I’m paying 2%!” I cannot tell you how many times I’ve heard a business owner proudly claim that. I politely smile and then ask them if I could review a few months of statements. Calculating what rate a business is actually paying is simple but not always easy. You have to add up all of the fees (Interchange, PCI, Misc, Gateway – everything) and divide it by the total dollar amount processed in credit cards. For example:
$3500 (total fees) ÷ $100,000 (total credit card volume) = 3.5%
Numbers don’t lie! Buried (sometimes deeply buried) within your processing statement is the truth about what you’re being charged. You just have to look for it. The reason I ask for a few months of statements to review is because sometimes processors deduct a hefty fee once per quarter or once per year instead of every month. These are all tricks played by processors to bilk a business owner out of as much money as possible. The bottom line is that a business owner may have been promised a 2% rate, they may have started at a 2% rate, but many times their rate has dramatically increased over time.
THE CREATE DIFFERENCE
To combat these negative trends, Create has a number of policies in place to give our merchants an increased level of comfort:
- There is no sign-up fee, no early termination fee and no contract. When we promise you a rate, you know we stand behind it. We’ll fight for your business every month. A business owner never feels locked in. If at any time they’re unhappy, they can leave. No penalty, no fees! This is how confident we are in our technology, prices and service.
- Create is a broker and therefore not beholden to any one processor/bank. Sometimes decisions are made, especially by publicly traded processors/banks, to arbitrarily raise rates on all of their merchants. Because Create has a partnership with the bank, but is not directly a part of it, we are allowed to “opt-out” of these rate increases. The processor/bank knows that we have many other options and if they mistreat our merchants; we’ll simply take our business elsewhere.
Our merchants feel completely empowered and in control.
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