Online Credit Card Processing Quotes - Help or Hindrance
Have you ever used an online service that promises to deliver multiple credit card processing quotes from different vendors? If you’re like other business owners who have used this method to find the best merchant account, you probably have mixed feelings about its effectiveness.
How the Credit Card Processing Quote Process Works
Companies that deliver merchant account quotes create large networks of web sites to collecting contact information from businesses looking for processing services. The information that they collect are called leads. Merchant account leads are distributed to credit card processing sales agents for a fee shortly after they’re submitted. Depending on the lead generation company, leads are sent to anywhere from one to five or more sales agents.
Are Credit Card Processing Quote Services Helpful?
We’ve spoken to business people who have used online credit card processing quoting services to learn what they thought of the experience. Below is a summary of the main positive and negative aspects that we found.
Positive Credit Card Quote Aspects
Credit card processing quoting services save time. Completing one online form produces multiple quotes.
Lower Rates & Prices
Competition is fierce among agents that use credit card processing quoting services which often results in lower processing rates and equipment prices.
Negative Credit Card Quote Aspects
High Sales Pressure
Sales reps know that they’re up against other agents and they lay the pressure on thick. Be prepared to deal with fast-paced, high-pressure sales tactics.
Irrelevant Products & Services
Credit card processing quoting services are far from personal. Leads are sent to the first agent that pays for them regardless of whether the business’s needs match the agent’s products.
For example, one person that we talked to used an online quoting service to get rates for a seasonal merchant account and not one of the agents that responded to her offered this service.
Confusing and Contradictory Information
Sales companies can buy leads from the same quoting service over an extended period of time. Eventually, each sales agent learns the particulars of their competitor’s offers and they try to discredit them.
For example, one person we spoke with said, “It was like they all had a copy of the other guy’s playbook. Out of the three agents I spoke with, each one said the other was being misleading. I couldn’t figure out who was being truthful.”
Credit card processing quoting services have their benefits as long as you’re prepared to take the good with the bad. If you’re considering using one of these services make sure to take your time and thoroughly read all contracts and agreements. Don’t be afraid to ask merchant account questions about anything you’re unsure of. If you get contradictory answers from different sales agents, look for a neutral source of information to verify claims.
Additionally, there are new services that take credit card processing quoting to a whole new level. Services like CardFellow.com have overcome the negative aspects of getting credit card processing quotes online by offering personal support, tools and information.
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