Does your business bank with Chase, Bank of America, Wells Fargo, Truist, or any credit union? Chances are when you signed up for a bank account there they suckered you into a merchant service and credit card processing contract.
There are a few reasons why it might be a bad idea to use your bank for merchant services.
One reason is that banks typically charge higher fees for merchant services than other providers, such as dedicated payment processing companies. This can end up costing your business a significant amount of money in the long run.
Additionally, banks may not have the same level of expertise or experience in providing merchant services as dedicated payment processing companies, which could lead to suboptimal service or support. If you think about it, using your bank for merchant services can limit your flexibility and options in terms of the payment types and methods you can accept from your customers. They are not as innovative or competitive because they already have your banking business.
There's another reason banks are not good for merchant service and that's because if there's an issue with chargebacks or disputes, your bank can also freeze your main banking account. It's better to separate the two: do your business banking in your bank, and merchant service with a company like ours.
Using a specialized payment processing company like Secure Pay Service is a better choice for most businesses. Contact us at firstname.lastname@example.org to get the 1:1 personalized touch instead of being dragged into additional services through your bank.