Reading the fine print is CRITICAL when choosing a credit card processing service and your best option is to go with a provider who doesn’t have contracts at all!
Salespeople rarely disclose all of the fees and take the time to explain the terms in depth. In fact, legally they’re not required to. Salespeople are there to do one thing, sell you something and move onto the next victim customer. This is why it’s so important to read the fine print before signing a contract.
It’s ok to say you want to take a little time to read it before signing. If you get any kind of pushback or smooth talking like “why wait, let’s start saving you money today” then you should know that’s a red flag. If their contract is on the up and up they shouldn’t be bothered by you reviewing the details.
Always know what you’re getting yourself into!
Credit card processing companies with no contracts.
Yes, they do exist!
You may have to put in a little extra work to find these companies, but they’re out there. Start with a simple Google search of merchant services near me or payment processor near me. Read the reviews and ask around to other business owners who they’re using.
Side note – if you’re going to talk with other business owners about their current payment processor, be sure to ask detailed questions like “what do you like” and “what don’t you like”. Ask about their experience as whole, including customer support! If you’re going to put in the work you might as well not half ass it.
Like with many small business owners, it can often be difficult for the little guy to get noticed and at the end of the day that’s what a local merchant services provider is. They’re a fellow small business owner who can relate to your challenges and who understands the needs of the community. Do you think the larger corporations like Square and Stripe even care? That’s a serious question to ask yourself.
Heavy hitters don’t have contracts.
I figured we would go here since I just mentioned Square and Stripe. At this point you might be thinking “Square and Stripe doesn’t have contracts, so they must be good.” That’s a loaded question. It’s true that these companies make it easy to sign up, don’t have contracts, and can process payments. However, right out of the gate they’re charging you a higher rate and not to mention they can freeze/cancel your account without warning because you didn’t go through a protected underwriting process in the beginning.
I’m afraid to get started.
If it helps, you’re not alone. This article wasn’t written to scare you, but to hopefully open your eyes. You spend so much time researching the other aspects of your business, but many business owners fail to properly research the most critical part of business… the money part!
Flat Creek Payments is happy to help you navigate this crazy world of credit card payment processing. They have to experience to help you get started the right way. Protect yourself and your business.