Best Credit Card Processing Pricing Practices

There are so many options and variables in pricing for businesses that accept credit cards, it is no wonder that Financial Mitigation Services's studies show that over 70% of businesses in the U.S. are paying unnecessary and substantial fees that they do not need to pay.

One of the reasons for the amount of overpayments that a majority of companies pay for credit card processing is that nearly everyone who is giving businesses advice in this area are people or companies who are being paid by credit card processors themselves.

Type in "credit card processing consultant" in Google or any major search engine and you will find a great deal of web sites and businesses that will claim to help their clients reduce the fees they pay to process credit cards. Many of these companies go out of their way in their sales literature and sales presentations to appear that they are simply doing a "free analysis" and are giving "free advice" to their clients out of the goodness of their hearts. Some of these companies perform "reverse auctions" for credit card processing and tell you what the low cost provider is. The truth is that nearly every one of these companies, consultants or auction houses is actually paid by the credit card processors to bring new business to them. While they might not bill clients directly for their "advice", make no mistake that they are being paid for convincing their clients to switch to a new processing platform.

More often than not, they will ask to see a potential client's recent statement simply for the purpose of seeing a business's current pricing structure so that their processing partner can slightly undercut the pricing and gain their business. Once they convince their client to switch processing platforms, they will often get a large "landing bonus" from the processor and then a healthy monthly residual payment as long as that business is with the processor.

Who pays for these "landing bonuses" and "ongoing residual commissions" that the consultant receives? The business pays for these commissions. At times, there are literally several layers of commissions being paid to banks, independent sales organizations, brokers and consultants all on the same business account. There are so many mouths to feed on some of these accounts, the business ends up paying far more than is necessary to process credit cards.

Financial Mitigation Services is not paid by credit card processors. We go straight to the source for our accounts and uncover unnecessary fees, excess charges and even billing errors that we recover for our clients. Financial Mitigaiton Services is not a credit card processor, we are not a broker and we are always paid by our clients based directly on the results we achieve for our clients. We perform our services behind the scenes on behalf of our clients and work directly with the credit card processor themselves to obtain the lowest possible pricing structure for every client that we have.

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