How to be Safe from Being Ripped off By Credit Card Processors

As a high risk merchant account holder, you know the importance of selecting a good service provider so that your business doesn’t face a setback with surplus charges from an ineffective high risk merchant account processor. 

In order to remain safe against ripping off by credit card processors, here’s a few tips.

Get Rid Of Cancellation Fee

High risk merchant account processors have a certain clause in their agreement on cancelation fee. This fee is marked as loyalty from the account holder towards the processor and can range from few hundred to several thousand dollars. However, this additional fee clause can be ignored with certain advices from the service provider.

Don’t Lease Your Processing Equipment

Although, processing equipments are really affordable, leasing them to another party can prove to be a big mistake in term of surplus credit card processing. Leased processing equipment can be easily traced by the service provider and as a result they can charge higher rates for processing.

Fair Interchange plus Pricing

Interchange is the common processing fee that goes Visa or MasterCard as the fairest form of pricing structure. Therefore, having a pay structure with interchange fees and service charges guarantees no hidden costs or redundant fees.