Cardconnect (Fiserv) is a big name in today’s credit card processing ecosystem, but there are hundreds of players offering services. Many merchants choose to go through their banks because they don’t understand their options, and are shocked when they see the difference in going direct.
Banks act as brokers between a merchant and a processor, meaning that they all resell the same basic services from the same few companies. For example, there are well over 100 banks that offer merchant services through Fiserv, including Wells Fargo, PNC Bank, BBVA Compass, and Suntrust. In fact, any bank that offers First Data or Clover equipment is going through Fiserv.
Going direct means lower cost
Banks need to make their own profit, which means less flexibility. It can be daunting to sift through differing costs when comparing services; one company may have lower rates but a higher monthly fee while another may have no monthly fee but higher rates to make up the difference. There are often hidden fees that the merchant is unaware until after they’ve been charged, such as monthly minimums. Merchants who go direct have freedom with rate analysis to ensure they are getting the best deal, and full transparency with their account.
Going direct means variety in equipment and integration
Most banks have very few credit card machines to offer their merchants, and are often unable to integrate with existing software or POS. Equipment can be incredibly expensive as merchants are often roped into deceptive leases for up to 3x the value. Merchants who go direct have access to a wide variety of equipment options, as well as intimate technical support 24/7.
Going direct means personalized customer service
Banks and third-parties often present an endless loop of automated menus and redirection. Merchants who go direct have access to their dedicated agent who is always ready to answer questions, provide assistance and fix any issues that might arise. Instead of a robot, they will always reach a live individual who’s familiar with their account.
Contact us to learn how going direct could benefit your business!Categories:: Credit Card Processing