How to Make Sure You’re Getting the Most out of Merchant Processing

At Vision Payment Solutions, we offer a full spectrum of merchant processing products and services for business. We provide merchant accounts to allow acceptance of credit and debit cards, offer hardware and software terminals, develop integrated cash register systems, and fund thousands of dollars for your business.
If you’re new to merchant services or simply interested in starting a merchant account, it’s important to be well-informed before making a decision so you can get the best deal possible. As merchant account service provider with over 60 years of experience, VPS has some tips and words of advice you should keep in mind when choosing a merchant processing service.

Be prepared

As a business owner, you should become familiar with the credit card and credit card processing industries. Research fees and rates, as well as the differences between cards and start collecting quotes and comparing data. When you start the process with educated clarity, you will be able to sensibly select the right service for your business.

Get acquainted with common pricing models

The three standard pricing models in credit card processing are flat rate, tiered pricing, and interchange plus (cost-plus pricing.) Flat-rate pricing is used by processors like PayPal and typically works best for small monthly volumes. As the name suggests, tiered pricing has three levels: qualified tiers, mid-qualified tiers, and non-qualified tiers. Processors bundle the transaction rates to offer you these tiers.
Interchange plus is the best model for processing a monthly amount of over $2,000. Interchange uses the comprehensive cost that card brands charge to process your transaction, which means you get access to hundreds of wholesale costs and have a pre-negotiated rate as well.

Make sure to ask questions

When you are negotiating a merchant account, you need to consider various fees. Ask the following questions to ensure that you are fully aware of all possible fees:
-Is there an annual fee?
-Is there a monthly minimum penalty?
-Am I signing a contract term? What is the termination fee?
-What is the monthly service fee?
-What is the statement fee?
-Will the fees be debited monthly or daily?
-What kind of online reports will be available?

Purchase updated technology

It’s essential to have current credit-card terminal technology if that is how you’re receiving transactions. Sometimes there are free equipment options in exchange for reasonable contract terms. Make sure to never lease the equipment, as this always costs extra. If you choose to use a virtual terminal or payment gateway, ensure that it serves all necessary functions. Virtual terminals can save you a significant amount of time, as you simply bill customers on an automatic monthly cycle instead of requiring someone to manually charge the card.

Vision Payment Solutions wants to keep your business up-to-date in a constantly shifting industry Through our flexible hardware, software, and e-commerce solutions we’ll help your payment system evolve along with your business, rather than fighting against it. To learn more about our services at Vision Payment Solutions, visit