Think Total Merchant Processing Cost, Not Just Quoted Rates

When looking to establish a new merchant processing account, or when reviewing an existing account, good business practice is to educate yourself on how the credit card industry works and to look at the total cost of doing business with a merchant processor.  Understand how the merchant processor establishes its rates. Getting a low rate is not enough.  Know what goes into that low rate and what you will charged if a card does not meet that low rate standard (most don't).  Ask about all fees that you may see on a statement and require the processor to explain every one of them.  This focus on the "Total Cost of Merchant Processing" will lead you to become an informed merchant who is really receiving the lowest rate for the best products and services to help you run your business.