Salespeople get a bad name for being pushy, arrogant, and untrustworthy. However, it’s a wide brush with which to paint such a large group. Merchant services reps are no exception. It’s easy to find numerous articles detailing the ways they’ll con you if given half a chance. Most merchant services reps are trying get you the services to run your business more quickly and effectively. Others are trying to make a buck, and they’re the ones you need to watch out for. Here are some questions you should ask yourself when you’re evaluating the character of your merchant services rep.
Does Their Quote Match What You’re Getting Charged?
They may given you the magic number in person; they may have sent it in an email. If it’s nothing like the bill you just got in the mail, then there’s trouble a-brewin’. If you ask about it, they may be quick to tell you that those fees are totally normal.
They may tell you everyone pays them. They may tell you they didn’t include them in the quote because the fees can vary from person to person. But if they can’t explain why those fees are being charged, they’re just selling you a bill of goods. Check your contract carefully before signing to ensure the fee you’re agreeing to pay matches the fee you’ve been quoted. If it sounded too good to be true when you chatted over coffee, it probably was.
Do They Explain the Cancellation Process Clearly?
Any legitimate merchant services company won’t be afraid to let you cancel if they’re not the best fit for you. Any sketchy, underhanded merchant services company will gloss over the details of how you’d get out of the contract, refusing to answer any questions. They’ll shove a pen in your hand and try to get you to sign on the dotted line before you can question what exactly it is that you’re agreeing to. Early cancellation fees are a big deal, especially if you’re just starting out, and you need to be dealt with honestly. A merchant services rep that seems reluctant to disclose the cancellation policy isn’t one you can trust.
Are They Downplaying Requirements That Could Hurt a Small Business or Startup?
Monthly minimum fees are ok; they help credit card processors to cover their costs on inactive or dormant accounts. Volume commitments, on the other hand, could seriously hurt a small business when the end of the month comes around and they haven’t processed the number of transactions they agreed too–usually far too many for their size. Make sure that your merchant services rep really understands the needs of a person in your situation. If they promise you castles in the air and inflate your ego, they’re doing it wrong.
Do You Feel Comfortable Discussing Your Concerns With Them?
If you’re wondering exactly what a certain line in the contract means, or you’re not sure if you completely understand what batch processing will mean for the fees you’ll be charged each month, you have the right to ask questions. A good merchant services rep will thoroughly explain anything at all to you in detail again and again if it’s worrying you. A bad merchant services rep will toss out insults disguised as challenges. They’ll scoff at your hesitance, they’ll bully you like an overgrown schoolboy, and they’ll rush you through the entire process so fast it’ll make your head spin. If the conversation has become uncomfortable or tense, this is a good sign to get out of there–not sign a contract just to make it stop.
