I Have Some Ocean Front Property In Arizona for 1.59%
March 2008
Does it frustrate you when the best, most valuable, advice you give to people gets ignored? You could almost pull your hair out knowing people are making the wrong decision. That's how I feel, when I try to explain to people the truth behind merchant account advertisements that offer really low credit card processing rates.
For example, just the other day, this very polite elderly man, who has never accepted credit cards in his life, but who has had a successful air conditioning service for over 40 years gave me a call. We spoke for thirty minutes about how to fix a credit card machine he bought on ebay, or whether to buy a new one for less money. Then we got into a lengthy conversation about processing fees and rates. At the end of our talk, he decided to visit a company I recommended and then we hung up.
On the next business day he called me back. He told me that he decided to buy a new one instead and then began asking me questions about fees again. I immediately noticed he had been talking to other companies, because he began using industry jargon which I hadn't taught him.
Not that I minded, however he didn't have a grasp of the terms to understand the fees he was being quoted. None the less, I quoted him a competitive fee that was higher than what his banker quoted, because all his transactions were going to be keyed in. This means that every transaction is a slightly higher risk and would require a higher fee regardless. However, I was still offering lower rates on the backend that were going to save him hundreds of dollars because of the way he conducted his sales. Without even asking why, he immediately told me that my fees were way to expensive and was going to go with his bank instead. So I asked him to give me his banks quote. He said his bank promised him 1.59% with no additional fees ever. With that I politely advised him that this quote didn't sound realistic. However, he could not be convinced otherwise and he went on his happy way.
Although I never talked to him again, I'm sure that his banker appreciates his loyalty and eagerness to believe most anything. Sometimes I just don't understand people's logic. But then again, this is the law of perceived value. If you think your getting a great deal, this state of mind will exist until you discover otherwise. You just don't know what you don't know.
If you need help saving more money while accepting credit cards, give me a call. My name is Ralph Prado. To learn more about how to buy a credit card machines or open a merchant account correctly contact me at 1 (888) 604-3443.
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