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How Well Do You Know Your Processor?

May 4th, 2007

Before you buy a car, take it for a test drive. This is more than just good advice, it’s common knowledge for most people. Then why is it that most merchants don’t research a payment processor before signing the contract?

Recently, MPI (Merchant Processing Inc.) was halted from doing business because of complaints about their customer service and disclosure practices. This company had over 100 complaints filed with the Better Business Bureau. Talk about a red flag.

You can search the BBB’s database online. Every registered company has a profile and a ranking determined by the BBB. It only takes a few minutes and it can save your company a lot of hassle.

Don’t stop there. Call the payment processor and get a list of references. If a processor can’t give you a whole page of clients to contact, consider that your warning. Take the time to contact each client and get their recommendation. There are no lemon laws for credit card processors, so do the research before you commit.

Entry Filed under: Advice

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