Merchant Accounts Which is Meant For High Risk Merchants

Discussion in 'Tournament Discussions' started by David John, Sep 27, 2022.

  1. Reading your merchant statement and finding the rates and fees you're being charged can be like playing "Where's Waldo?". One reason is because there are nearly as many different statement formats as there are merchant acquiring companies. Also, because of how competitive the industry has become, many monthly statements don't completely disclose the rates being charged. And sometimes they are completely hidden.

    I know of banks that don't even send a statement out. If a merchant wants details of what they paid they have to logon to an online account to find it.

    It's War Out There!

    One reason for this is the competitiveness. You have to remember that credit and debit cards make up part of a 2 trillion dollar industry. Money is like a magnet - it attracts Most merchants North American Bancard Sales Partner are being contacted continually by competing processors trying to get them to switch processors, by promising "lower rates", etc.

    So, to prevent a sales agent from another processing company from taking a merchant away - some processors make it as hard as possible for a competitor's sales rep to walk in to a business, analyze a merchant statement, and do an 'apples for apples' comparison.
     

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