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2. If the above is not enough to make you think twice, perhaps the fact that your 3rd party billing service pays the same rates that you would pay if you were using your own merchant account will. This means that in order for them to be profitable, they have to increase their rates to you. So instead of paying a 2.45% rate and .20 cents per transaction, they could be charging you 4.00% or more and .50 cents or more per transaction. Some people believe that using a 3rd party billing service is easier than getting their own merchant account or they may even believe that their credit is too bad or not established enough to be approved for one. They couldn't be more wrong. Is it really profitable accepting Payments by Check via US Mail In order to utilize this type of billing system it means that you will need to allocate staff to preparing invoices, stuffing envelopes, tracking payments received, and following up on payments not received. Depending on the size of your client base, this could require a full time employee which means that a portion of everything you receive in payments will be redirected to paying the staff payroll. This type of billing option also means that you need to be prepared for returned checks due to a wide variety of reasons but the bottom line is lost income. Another reality that you have to face with this option is the business you are losing due to not accepting credit cards! Printing Checks Locally This is the biggest mistake any business could ever make and can end up costing you your business checking account. With literally 100s of free software packages available that allow you to print checks to your printer, many see this free method as an excellent choice for getting paid for their products and/or services. They couldn't be more wrong. There is nothing to guarantee the validity of the information that a client is entering into your order form unless you take the time to call the clients bank and verify the banking account and availability of funds to insure that the banking account exists in the first place. And unless you do make that call, there is nothing to guarantee that the client submitting the banking information has not unlawfully obtained the banking account information in the first place, and even then it's possible the account has not yet been reported and closed due to fraud. While there are headaches and risks involved with any billing solution, you can make the right choices and eliminate many of the risks and headaches by choosing a billing solution that has been tried and proven. We made all the wrong choices for our billing solution for two years until we found Net1 and we learned that we could accept both credit cards and checks! Click here to read details about getting your own merchant account. |
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