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Why Banks Aren’t Cheapest For Merchant Services

cheapest merchant servicesYour bank can’t always offer the best price! 

Merchant services are essential for every business and are mostly sourced from own banks. It would be wise and prudent for business owners to investigate other options when sourcing merchant services. This article will compare the different options:

Banks

Banks partner with processors of cards to provide merchant services. It is a source of income to banks and the main reason why banks must be avoided. Clients trust their banks and in practice accept the price of the service without querying it. This, unfortunately, doesn’t mean that they charge you the cheapest price on the merchant services they resell to you.

Card Processor

There is a belief that the best price can be sourced when you buy directly from the supplier. This is not always true when buying services directly from the card processor. They are cheaper than the bank but that doesn’t mean it is the cheapest price. Their sales people will charge a price just below that what banks offer and still make a handy profit. When you negotiate with them ensure that you get the best price.

Referral Sites

There are many online sites which will refer the request for a quote to service providers. In theory, quotes received will be compared to make an informed choice. This is not always true in practice because of the way they operate. In short, they collect your info and provide it to their partners. You have no control over who they refer your request to, which doesn’t always ensure the best quotations and you must do the comparison between them. They are not specialists in the field of providing merchant services, they just referred to your data for a quote.

Independent Sales Organisations (ISO)

ISO’s are independent sales organisations that are authorised by providers of services to act as resellers of specific products. In this instance, they are reselling merchant services on behalf of the card processor. They benefit from using an ISO to buy merchant services from is that they sell the identical service at prices which can be more than 35% cheaper than the other buying options. This can be achieved because of the volume and turnover of transactions when they negotiate the price with the card processor.

Their member’s collective buying power leads to sourcing the cheapest merchant services for their members. It is one of the cheapest options but not the only recommended option.

Price Comparison Websites

ISO’s differ and there are variances between the prices they offer. To ensure that you get the cheapest price for merchant services, it is important that you evaluate the different offers by the various ISO’s. This is where Independent Merchant Services offers the best option as the foremost UK reference site for comprehensive information on card payment processors to enable you to source the cheapest merchant services available.

Contact us today on 01204 322304 to start saving on the cost of your merchant services.

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