There now you know. Rates Don't Mean Jack @%$#!
In all the time I have worked in the credit card processing industry I have encountered tons of merchants who feel that they must get the rock bottom rate to get the good deal. The fact is that most merchants have a real lack of understanding about how rates work and how they can structured. (Don't worry it's not your fault)
If you own a business I'm sure you have had this conversation with a processing agent.
Merchant "what are your rates?"
Agent "the lowest around and I'll beat any rate!"
Merchant "How can that be?"
Agent "well give me a statement and I'll get you a quote"
After this conversation takes place the agent returns with a proposal showing new rates that are lower and will supposedly save you some money. Now don't get me wrong I have done plenty of proposals for business owners in my days, but the problem is a lot of business owners get wrapped up in the nonsense and don't realize when they have a good deal. After all if every guy who walks in says he can get you the lowest rate, then is there a bottom to this? Can I just keep getting quotes till its free? The Answer is NO. In fact I'm willing to bet if your business has gotten more than two proposals in the past year, then you have probably hit the bottom of the low rates.
What's important to understand is that processing ISO's run on virtually the same break even levels so really by getting lower rates (in most cases) its just one salesman bidding a hair lower than the other. Now there is such a thing as having rates that are too high, and a good trust worthy agent can give you the right picture. However lets just face it there is a bottom.
If you want to save money on your credit card processing you must ask yourself "How much is the proposal going to save me?" If the answer is only a couple of hundred bucks then think to yourself
"Do I trust my current company?"
"Have they always answered my services calls?"
"Is my equipment a good deal?"
"Do I like my agent? Do I even have a personal agent to assist me?"
Plain and simple this is a service industry so make your decision based on the level of service that you feel is best and most trustworthy and I think that you'll find your mind will be at ease and you'll be paying the low rates that you should be paying. Instead of trying to save nickels and dimes get with a company that can show you how to boost your sales and make more DOLLARS!