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What companies handle merchant processing?
I’m looking to set up a merchant account with the ability to accept credit/debit as forms of payment. What vendors can handle this type of payment processing?
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There are approximately 40 "Processors" who are allowed to deal directly with Visa and Mastercard. Most of them then employ separate sales orgs called "ISOs" (Independent Sales Organizations) to sell machinery and services. The biggest processor is First Data, then several major banks, then Elavon, Heartland Payment Systems, and EVO, and may others.
No matter what system you end up with, you must pay whatever Visa and Mastercard charge the processors plus whatever the sales organization and you agree to. So... depending on how hungry the sales person is, you can often get a pretty competitive price.
Here's the trick(s):
Make sure you get a rate guarantee - to keep them from raising your rates as you use the system,
Buy, do not lease, your machine to save a big chunk of money;
Try to get a "cost-plus" contract rather than a "tiered" contract for the processing service to make sure you don't get taken advantage of.
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