Choosing a credit card processor is a daunting task for small business owners. The number of card classes and rates is designed to be overwhelming, and the pricing can be very confusing. In the past the sales pitch for selecting a merchant services company has centered on price comparison based on rates and fees. Merchant services companies took a copy of the current rates and almost always returned with a proposal reflecting the rates and fees were somehow reduced. The problem was the rates would be reduced on certain classes of cards to make the quote look better, but the reality of the quote was the classes may or may not match so the savings may or may not occur. This left consumers feeling mislead or cheated. Over the last 18 months many banks have joined the merchant services space, and the conversation has shifted from being a pure rate… Read more!