A dynamic new niche industry in the credit card processing space is making it possible for businesses to get the best merchant account rates while expending the least amount of effort. The best part is that you don’t even have to switch providers to reap the benefits and savings.Credit card processing fees are among the most costly monthly expenses that businesses can incur. Of course, if you’re a small business owner or bookkeeper – you already knew that. It seems like a never-ending battle to get the cheapest merchant account rates. As soon as you switch from one provider to another that promises lower rates, the rates climb right back to where they were in a matter of months.Switching merchant account providers isn’t a simple task. Finding providers and going through the application process can be a very time-consuming ordeal that has become a necessary evil for businesses that want the lowest processing fees.There’s a measurable expense involved in switching providers that many business fail to take into consideration before starting the process. The measure of effectiveness is how much your/your employee’s time is worth versus how much will be saved and for how long by getting a new merchant account that promises lower rates. To muddy the waters even more, many businesses switch merchant account providers only to find that their new account is just as expensive if not more so than their last.To answer the demand for a less time-consuming, reliable and more effective option for lowering processing fees. Some companies in the electronic processing industry are using their expertise to fine-tune existing merchant accounts instead of selling new ones. They do this by working with a merchant’s existing merchant account provider to negotiate lower rates and fees.The best part is that most of these companies don’t charge any up-front fees. Instead, their compensation is a percentage of whatever they’re able to save their clients, and this is charged only after the savings are realized.To utilize a service such as this, you have to be actively accepting credit cards. Because their fees are based on how much they can save a business, most of these services have a minimum processing volume requirement as well. They typically require businesses to be processing $15,000 or more each month. If you’re not quite to this processing level yet, there are comparison services like those offered by CardFellow that can help you find a new merchant account with minimal effort that has lower rates and fees.
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This article to help businesses get a cheap merchant account and more helpful information such as merchant account reviews is available at MerchantCouncil.
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