Retail sales can be hard, especially when you have to consider the cost of a point of sale (POS) system mixed in the payment processing costs.
Payment processing and POS solutions go together hand in hand. However, it can be incredibly difficult to find a merchant service provider who will give you a quality piece of equipment and not overcharge you on processing fees.
When we originally looked into selling point of sale systems to clients, it was shocking to see how many of our customers were being overcharged with their rental equipment costs and processing fees.
When you rent a POS, you will have to sign a contract, because you are leasing an expensive piece of equipment, that’s pretty common. But if you don’t read the contract carefully to make sure there are no hidden fees, or that you are obligated to pay for any faulty equipment. Failure to do so can cost your business a great deal.
A lot of the clients who use us for POS and processing had astronomical per transaction costs and gateway fees, which they glossed over in the initial contract they signed.
But that’s nothing compared to how much they pay when they’re locked in a contract.
The danger of being locked into rising rates
Larger banks are notorious for locking merchants into longer contracts and then raising their processing rates every quarter. Merchants are essentially held hostage by a massive corporation and often times receive very poor support and can be subjected to ever increasing processing rates.
One of our clients was in a similar situation.
Ron Gorde is the owner of Sports City, a retail store in the West Acres Mall in Fargo, ND. He worked with a larger bank to provide his processing and point of sale services, and they kept raising his rates.
Every year his costs would go up significantly with his processor, and when he would confront them, they would never give him a straight answer. As he kept asking, they seemed even harder to get a hold of, even when his credit card terminal would have glitches.
Ron knew his business couldn’t continue to things with their current processor. He started researching for a better solution with better rates.
Once he began working with us, Ron received a much better point of sale system for his store and was able to work with a business that provided high-quality customer service and support. On just the processing fees alone, Ron saves roughly $2,236 a year!
What to save money in processing fees like Ron?
Contact us here, and learn how you can find the right payment solution for your business. will be the best fit for your business.