The Merchant Processing Guru Tip # 22: The myth of working direct with your bank.
Getting a merchant account through your bank is not as “direct” as you might think. In most cases, your bank does not handle any of the processing but has to use a third party processor who in turn has a relationship with a completely different bank who deposits your batches into your account at your bank. In fact, working with your bank to set up your merchant account can sometime cost you a great deal as most banks typically only have a one size fits all merchant account and do not have an expert on staff who understands this industry and how to set things up in your favor.
Many people tell me that they think that by keeping everything with their bank helps to keep things more streamlined but my experience has been that it only serves to keep you at that bank as it makes it more difficult to change banks the more services you have with them. You may never leave your bank but to have all your services with one corporation when it does not serve a purpose that would benefit you does not make a lot of sense. So if you have had your processing with your bank it may be very beneficial to get a comparison and see what it has really been costing you.
Russell Harverson has over 9 years experience in the card processing industry and has build a reputation for “being there” for all his merchants! His goal is to provide you with the right, cost effective processing solution for your individual business needs, no matter how large, small or different, he has done it all. He is your Guru of Merchant Processing, shedding light on the credit card processing industry. To contact him via email [email protected]
Or call him at: 1-888-368-GURU (4878)