5 Signs Your Credit Card Processing Company Is Taking You for a Ride

Few things are more aggravating than being “taken for a ride” by a service provider. In a perfect world, you pay a fair price to a company in exchange for an equitable, reliable service. But, in reality, some companies try to bilk you for as much money as possible. Credit card service providers are notorious for doing the latter with all sorts of “hidden” fees and add-on charges.

Here are five signs that your provider may be taking advantage of you:

  1. You pay a flat transaction fee. This means that every time you process a credit card, you fork over a predetermined amount of money. In other words, if you conduct three small transactions of $100 each, you pay your service provider more than when you accept a single $300 payment. That doesn’t seem fair, does it?
  2. You’re getting charged just to receive a monthly statement. Basically, you’re paying a credit card processing company for the privilege of viewing a list of the transactions you make each month. Think about it: Do you pay extra just to view your electric, water, or cable bill?
  3. You pay a penalty if you don’t do enough volume every month. Monthly minimums may force you to favor credit card transactions at the expense of your customers who want to pay with cash or a check. Why should you have to choose which customers to satisfy?
  4. You pay a “payment gateway” fee. Ostensibly, this is the “toll” that the credit card processing company levies to allow you access to the virtual highway through which customer data passes. Is this appropriate, given that neither your internet nor you telephone service provider assess such fees?
  5. You’re billed for equipment lease payments after the leasing period ends. That’s right — many providers continue to charge you for leased equipment if you fail to proactively cancel your contract by a specific deadline. Is there anything fair about that?

You don’t have to put up with providers like those. GoPayment does not charge any flat transaction fees, gateway fees, or statement fees. Customers do not have to pay monthly minimums or even sign a contract; they only pay a small percentage of each credit card transaction to use the service.

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