Many credit card processors claim that they are a direct credit card processor or offer wholesale credit card processing rates. It may sound attractive to “cut out” the middleman, but is this claim actually real or simply a sales pitch? The truth is that, in practice, unless the business name of the company you’re dealing with is Visa or MasterCard, the company is not a “direct” processor. In fact, Visa and MasterCard will not open a credit card processing account for an individual business because they only service banks.
So, you need to work with a credit card processor who will service your account, provide you with statements, and take care of your business since it’s impossible to be truly direct. There’s a list of these offices that are directly registered with Visa and MasterCard, and, as we’ve discussed in previous blogs, Visa publishes this list on its website. You’ll find Leap Payments on the list, as we’re as direct as possible, so we enjoy the lowest costs without the middlemen.
The Lie: Direct Credit Card Processor
What does this mean for your business? Working with a credit card processing company like Leap Payments means that your business is as close to a direct credit card processor, partnered with banks, as possible. You pay lower rates because there are no additional middlemen to work through in order to ensure that your transactions are processed. In addition, you can rest assured that the processor you do work with has the track record and capability to handle the volume of transactions you need.
So, who can offer “wholesale” rates for your small business credit card processing? While anyone can make this claim, it doesn’t hold any meaning within today’s financial systems. If you hear this pitch, just ask the sales rep what a direct credit card processor really means, probe for their parent company’s name, and verify that they are directly registered with Visa. Then check their Better Business Bureau rating and you’ll quickly learn it’s a lie. You don’t want to be the next victim of an outrageous sales pitch.
Work With The Best in Processing
Or, simply work with Leap Payments and know that you have a merchant processing account with the best-rated company in the industry. Our support and sales staff will walk you through every step of the onboarding process, and beyond, while ensuring you have services that support your business goals.
With Leap Payments, not only does your business benefit from professional card processing solutions, you also get to take advantage of a number of added features. Lifetime rate lock guarantees you a low rate and keeps it the same over the life of your account so there is no more worrying that your processor is going to arbitrarily raise your rate.
Our customized solutions put your business first and help you get the services and equipment you need to support growth. Our 100% U.S.-based support team is available to help should you have any questions, and, with same day or next-day funding, you can be sure that money is in your account when you need it.
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