First off I just want to say hi and thanks for checking us out! Im Brian Ostrowiak and I will be updating the blog weekly with discussions of various aspects of the merchant services industry. Lots of businesses are already taking credit cards, but there seems to be a real lack of solid information and I find frequently that many business owners have a few common misconceptions about their processing and how it works.
Its tough to get the facts these days with so many companies out there and they are all looking to get your business. Some merchants I talk to tell me about how they recieve as many as 10 calls a week! Even when we go to start a new business we often get pitched right from the get go from the bank we do our checking with.
One of the main purposes of the blog regarding those looking to start a new business is to help you get the information and tools neccesary to help you effectivley shop for a merchant account that is going to meet your needs and keep your costs low. The first step in this process is understanding what exactly merchant service companies and their agents do.
Merchant service companies process your credit card transactions through their providers such as Visa, Mast., Disc, AMEX, etc. They also handle a number of services involving non-cash payments such as your equipment, check services, gift cards etc.
When you sign up for a merchant account something to keep in mind is WHO am I paying? In most cases this would be the processing company, the credit card companies, and the person who signed you up. Thats right usually a portion of the money you pay goes into the pocket of an acutal person. I've frequently found that most merchants do not know this or have never seen or heard of the person they are paying. Now If I go eat lunch some where I always leave a tip for my server. We do this, because we know that is what that person is going to make and we value the service they provided. If you have a merchant account and need consulting or run into a problem, your already paying somebody to continue to serve you should why shouldn't you know who they are and where to reach them?
This is why I would love business owners to stop shopping for merchant services like they are buying a new car. If you know the particular make and model you want then by all means shop and get price quotes until you find the most rock bottom deal, because in the end you are still going to get the same car and the same quality product. With merchant services the level of quality will vary from company to company so think about WHO am I paying and WHAT are they going to provide for my dollar?
I don't want this first entry to be too long, but I hope this is a good preview as to what I'm trying to teach and how this blog can help you hopefully gain a new more informed perspective on merchant services. Please leave comments and use the contact us form to respond to me with any questions and if there is a topic you would like to see discussed I will happily do so.
Thanks and have a great week
-Brian