Archive for January, 2009

Our clients keep getting offered a merchant card services discount rate of “only” 1.69% – what’s the deal?

Friday, January 30th, 2009

I just had an interesting conversation with one of our top representatives. It seems that he has had a lot of his clients receiving phone calls and visits from our competition offering a “better” deal to his clients on their merchant card services.

Typically this is someone offering a rate of only 1.69%. We all know by this point that there is a lot more to processing rates than just one number. He has trained his merchants to ask the right question in order to find out how good a deal this really is.

When his merchants receive a call or visit – no matter what the sales rep tells them the rate is – they ask: “how much do you charge me over interchange?” If the rep cannot provide an answer they say thank you very much and tell them to move along. If the rep does not understand what interchange is or what the mark up is they will certainly not be offering our clients a fair deal on their credit card processing.

The key here is making sure your clients understand the benefits of our interchange plus pricing structure – and that we truly do pass cost right on to the customer and only charge them a small mark up.

Remember – you are not just a sales person – you are a consultant. Educate your merchants about what makes a consultant different from the every day merchant services sales representative. Once they understand what we bring to the table – they will never leave you without at least asking for your advice!