Avoiding Unscrupulous Merchant Bank Rate Tricks

Avoiding Unscrupulous Merchant Bank Rate Tricks

Charge.com Payment Solutions, Inc. is dedicated to helping our customers accept credit card payments in an honest and professional manner. Unfortunately, this doesn’t hold true for every business in our industry. Some companies will use dishonest or unethical tactics to get customers and get extra money from them.

One way this is done is by quoting a customer a low rate for credit card transactions in order to get them to start a merchant account. This is frequently done when businesses will be doing a large volume of their business as credit card online processing. The surprise comes when the small business owner receives their first bill and sees that many of their transactions were charged at a much higher rate than was quoted.

This happens because the quoted rate was for swiped credit card transactions while the rate for eCommerce credit card processing is much higher. No matter what a salesperson might have said over the phone, you are ultimately bound to the Terms and Conditions that you signed when you agreed to the contract with a merchant bank.

The easiest way to avoid this nightmare is to carefully read the interchange table before you start working with any merchant bank. This table will lay out the various rates that you will be charged for each type of credit card transaction. You should always make sure you ask plenty of questions about variations to a rate before signing any contract or agreement. Doing the research and asking tough questions ahead of time can save you some major headaches down the road.

Article contributed by Charge.com Payment Solutions, Inc.. Charge.com Payment Solutions, Inc. is a recognized leader in eCommerce credit card processing.

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