Dirty Little Secret Of Equipment Leasing – Part Three

To add to this subject and mention new information, a law suit was filed recently by the Attorney General of New York.  Read more on the link provide below. The company involved is Northern Leasing Systems.  This is just one company involved in this “leasing” industry.  In the complaint it mentioned deceptive sales practices, which I have heard about from business owners.  In additional it states, “Northern Leasing’s lease terms are onerous and totally one-sided in favor of the company.  The credit card equipment leased to consumers by Northern Leasing is valued at only a few hundred dollars (at most) when new, yet over the course of a Northern Leasing lease consumers pay thousands of dollars for the equipment." This echoes info in my previous post where I mentioned the cost.  Again, do not lease your credit card terminals or equipment.  It is just not a good business decision. 

http://www.ag.ny.gov/press-release/ag-schneiderman-sues-northern-leasing-systems-inc-deceptive-business-practices-and

 If you have any question about this, please feel free to contact us at  info@tampabaymerchantservices.com or call 727-916-7294

Is There Any Benefit Obtaining Your Merchant Processing Account Thru an Association?

The short answer is not always.  It dependents on how much the Acquire charges or not charges.  What is an Acquirer?  Read our earlier post on this subject. at the following link.  This is not to say other benefits from the “Association” are not good, I am only addressing the credit card processing.  I have talked to several businesses that belong to the “Association” and one of the many so called benefits is the lower cost of processing.  Many of these same merchants are very closed minded about considering another alternative.  The few I did get to see had good rates, but not as low as we offer.  Do yourself a favor, let us look at your processing statement and we will analysis it to let you know just how good of a deal you are receiving from your “Association”.  I am sure you will be glad you did.

If you have any question about this, please feel free to contact us at  info@tampabaymerchantservices.com or call 727-916-7294

Visa & MasterCard Released October 2015 Interchange Updates

Just like in previous year the card association has updated or added some the interchange categories. See below.  This is all we could find that was changed.  What will almost certainly happen as in years past, many ISO and service providers will use this as a reason to charge you more.  With our interchange plus pricing arrangement, we do not charge you more for our processing.  Do you know how your processing company handles these changes?  

Miscellaneous Changes
• Business Standard transactions are now broken down into 3 categories based off of dollar amount.

MasterCard
New Categories
• Business Debit/Business Prepaid/Large Market-Healthcare (1.00% + $0.00)
• Business Debit/Business Prepaid/Large Market-Healthcare Maximum (0.00% + $5.00)

Maybe it is time to let us help you with a rate review.  Contact us today, to save for tomorrow.

Call 888-506-9225 option 103 or visit  www.tampabaymerchantservices.com

Are You Being Charged Junk Fees?

Just like in your business you want and need to make a profit to pay overhead and expenses. This is true in the credit card processing business for the company that is providing the service.  With interchange plus pricing you will see the mark up because of the transparency.  This is what we promote and suggest that any business that is looking for credit card processing insist on. Some companies will give a low ball "show" rate only to make it up somewhere else. Hence the reason why you might see "junk fees". There can be that line that is crossed when too much is too much.  Sometime it is just plan sneaky. One of the worst offenders that I have seen recently is the attached statement.  

If you have any question about this, please feel free to contact us at info@tampabaymerchantservices.com or call 727-916-7294