Questions Every Small Business Must Ask Their Credit Card Processor

10 QUESTIONS EVERY SMALL BUSINESS MUST ASK THEIR CREDIT CARD PROCESSOR Merchant Service Advocate Is there a contract? Can I see the details before signing up? 1 Never sign a contract for your services, and always read the small print before you sign. What do you charge for Rewards and Corporate cards as well as Debit cards? • There are usually different costs for debit cards, rewards cards, and corporate cards, but some processors will only quote you the lower rates. • Make sure to get in writing or check your statement for rates on all card types such as rewards and corporate cards. • A Leap Payments consultant can offer you a free evaluation on your true cost to accept credit cards and share all of the details so you understand exactly what you will be charged. Do you charge the same rates for American Express transactions and process them through the same account, or do I have to sign up separately and pay more for American Express? 3 • Processors will usually have you sign up separately with American Express and you pay higher rates and a separate monthly statement fee for American Express. • You will then be charged transaction fees for each card you accept and have multiple statements each month to see your balances. • Leap Payments does not have monthly or additional transaction fees and offers a combined monthly statement with the same rates for Visa, MasterCard, Discover and American Express transactions. Don't pay more for American Express cards. How much will I pay for my terminal, or do you support my existing terminal? CREDI CREDIT CAR 4 • A fully functional terminal only costs about $199; therefore, you're better off buying it yourself rather than paying extra fees and entering into a long-term contract. • Look for a catch with companies that offer a free terminal. 3515 3519 CARNE CARDHO • Leap Payments shows all terminal costs on their website so you can make the best decision possible when deciding on whether to buy or lease a terminal. CARDH Do you offer interchange plus pricing? Can I get next day funding? • Most processors will not offer interchange plus pricing because they make less with this • A majority of processors like to hold your money and credit your bank account within 2 to 5 days after the transaction has 5 pricing structure. • Other processers will only offer this service to merchants who process more than $50,000 to been processed. • Leap Payments offers next day funding when a transaction is settled before 10:00 pm Eastern Time, or if you really need a late cutoff time we also can offer an $100,000 monthly. • Learn more about interchange plus pricing by visiting LeapPayments.com. 11:00 pm cutoff for an additional fee. When are fees deducted from my account? 7 • Most credit card processors will add their fees to daily transactions to ensure they get paid first and to hide the total amount of fees. • Leap Payments will deduct fees once a month to help their clients balance their books accordingly. What's your Better Business Bureau (BBB) rating? 8. • Before signing up with your processor, verify their rating by visiting www.bbb.org. • Leap Payments has a proud A+ rating with the Better Business Bureau. If I process less than $1,000 per month, will I be charged a monthly minimum? • Avoid processors that charge you a monthly minimum. • Some processors want to ensure that you pay a monthly minimum fee, plus your monthly fees so that they make their money first. Who will service my account after I sign up? • The right answer is the person who actually signs you up, so that you can hold them to their promises. If they off-load you to a customer support team, then buyer beware as you must have everything in writing and you must call the customer service line directly to see how long it takes you to receive support. The last thing that you want is a problem on your 10 account and then have to wait 60 minutes on hold to talk to a service rep in a far off land. • Try Leap Payment's customer service out right now. Call us at 800-993-6300 and you'll hear a friendly voice from a live human who wants to help your business. LEAP PAYMENTSS