"Your Pitman Arm is Broken"

Imagine the following scenario: You are on a vacation with your family out in the country. You are taking a scenic drive when all of a sudden your car breaks down. You find a repair shop a half a mile down and you get your car over there, you drop the car off and take a Uber back to the hotel. Three hours later you get a call from the mechanic who says "I am so sorry to tell you this but your front axle is bent, and your pit-man arm is broken!" You ask the mechanic "so whats the total?" He says the pit man arm will be be $500 and the front axle will be $750 to repair. Now if your like me and you know next to nothing about cars then you just have to trust that the guy knows what he's talking about! But in reality the whole job could be $300.

In merchant services, you can have similar situations. The merchant needs to accept credit cards for his business. However the industry is fairly complex and if you do not know all the terminology and lingo of the industry then figuring out what you are actually paying for your processing fees is somewhat of a daunting task.

When I started in the industry I thought to myself "come on all the companies are the same price", how can they be competitive otherwise? But after having two clients who were paying exorbitant fees which were completely bogus. I realized that there are companies out there that are simply preying on unsuspecting merchants and sticking in completely unnecessary fees. A large percentage of statements I see are getting a fair price, but recently I had a small non profit that was paying $100 a month of which $20 was legitimate! That means over a three year period they are paying $2880 more then they should be paying (not even including the rate)!

Transparency is key to building trust, that's why at Banquest we are focused on being transparent about your fees and what you can realistically expect to pay.

Drop me a email at [email protected] to see how much we can save your business today!