You do not need to shop around every month. You just need to know when it is worth a look.
Seven signs it is time
- Your sales have grown a lot. Pricing that made sense at $5,000 a month may not at $30,000.
- It has been more than a year since anyone looked at your pricing.
- A new fee showed up on your statement, or an old one went up.
- Your effective rate went up while your sales stayed about the same.
- You are changing how you sell: adding online orders, invoices, delivery, or a new location.
- Your agreement is coming up for renewal.
- You are buying new equipment or a new POS system.
A simple once-a-year check
- Find your effective rate: total fees divided by total card sales for the month.
- Compare it to the same month last year.
- Read the messages section of your last few statements for notices about changes.
- List every monthly and yearly fee, and ask what each one is for.
- Check when your agreement ends and whether there is a cancellation fee.
Reviewing does not mean switching
Sometimes a review shows your pricing is fine. Sometimes it gives you what you need to call your current processor and ask for a better deal, and they say yes. Switching is only one possible outcome.
When I work with a business, I review its pricing periodically instead of letting it drift. That is how it should work with any processor.
Let me do the review for you
Send me a recent statement and I will do the check for you: your effective rate, every fee explained, and a straight answer on whether you are paying a fair price. If your pricing is already good, I will tell you.