Unlocking Secrets in a Merchant Statement
‘Before signing up merchants for processing services, it’s important to understand where they’re coming from. All too often, mistrustful merchants will want a rate quoted, either in person or over the phone, regardless of whether you have any knowledge of what they currently pay.
If you’re the gambling type (I know I saw quite a few of you around the blackjack tables at the 2005 Electronic Transactions Association’s Annual Meeting and Expo in Las Vegas), go for it. But if you’re serious about winning merchants’ business, you’ll have to earn it by investigating their current processing statements.
The best way to get access to merchants’ current statements is by telling them the truth: In order to offer the best deal possible, you need to understand how much they process a month, what types of transactions they most frequently process and what they pay to process those transactions.
In addition, because so many merchants don’t carefully review their statements, offering discounted fees for certain services or eliminating extraneous fees might also save them money.’
Read more at The Green Sheet, Inc. · in Print
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