Merchant Accounts - when was the last time you negotiated terms?

[consultant]

I joined the FSB to get free Streamline setup and low startup rates for card transactions.

After 7 or 8 months, whilst speaking to their customer services, I found out that you can ask for a rate review every 6 months, so did. I was pleasantly surprised that I got a 20-25% rate reduction (on top of my initial 30%, I believe).

So, when was the last time you negotiated your merchant account rates?

If you haven't, in the past 6 months, give them a call and let us know the savings you make, if any!!!

[envnet]

This is great advice. I think that few people will be able to negotiate when they first open their merchant account. Once you have some history under your belt then it should be easier to reduce the charges because of your lower risk.

While negotiating with your current merchant account provider is one option you can also shop around for other providers. With good trading history this should also be easier and might be cheaper.

Useful tip though. It's easy to forget that banks are human and that you can negotiate with them!

Andrew

[consultant]

Complacency is a dangerous thing! It can also be costly.