Why do some merchant account providers charge more than others do?
The tendency to lean toward the less expensive option might be something that could get you in trouble in the long run.
Is the cheaper option always better?
The common belief is that more expensive things (products and services) either are better quality OR they’re overpriced. Right? There’s really no in between.
Any argument you make for or against a company for charging a price that they do will fall into either of those categories.
Premium priced computers
Some companies charge more for their products and get away with it all day long.
Rolls Royce. Rolex watches. Donald Trump real estate. (just to name a few)
Apple computers have to be the poster child of this model since their computers demand a much higher price than the alternatives.
Is it all because of perception of value?
Is it because they have a superior product?
In reality, the price someone is willing to pay for something in direct proportion to the value that is being delivered through the purchase of a product or service.
If there was a company that sold time, yes TIME, don’t you think that people would be lining up at the door to give their life savings in exchange for more time on this earth?
Maybe. I think some people would and others wouldn’t.
And that’s just the point.
Not everyone appreciates the value and appeal of paying for something that makes them feel good while solving a need they have.
However, premium products will always exist.
Merchant accounts are no different, except none of your friends are going to be impressed with the pedigree of your merchant account provider.
Or are they?
Not all the same
There’s no disputing that a Mac is NOT the same as a PC.
So with that in mind, a solid argument could be made that Mac is better than PC in some regards. I’m not here to open a huge discussion since this is a completely subjective argument, I’m merely trying to point out that value assigned comes from the person giving it.
In this case, YOU.
If you’re looking for a merchant account provider that will fit your needs how do you decide?
How will you know which provider is worth the money (price/rates) that they demand?
All merchant account provider’s function at different levels of quality in terms of client maintenance and each holds a different reputation when it comes to customer service.
So where do you start?
Start by making a list of questions.
Start by deciding what’s important to you.
A provider that attains a high standard which raises their services to a higher value is usually cultivated over years of experience with trial and error and in-depth research on successful business tactics.
This is because many of their team members were or are successful business owners, just like you. So, not only do they know what you need, they also have a good sense of extra features you’re likely to benefit from that you might not have considered.
An important thing to keep in mind, however, is that it’s not just the practical services you’d be paying top dollar for – in many cases, it’s the brand and general perception of the brand’s value that allows them to validate their higher rates and extra fees.
In these cases you really do get more with premium providers.
Different providers develop original utilities – such as powerful POS systems, and transaction and customer information security solutions – which set them apart from their competitors, giving you certain unique advantages.
These features are unique, and by paying more to have access to them, you’re getting a leg up on the competition with a more practical toolkit.
So what’s the bottom line?
It comes down to personal preference and how far you want your buck to stretch.
If you’re the type of person that enjoys personal attention, top notch service and ancillary services wrapped around a core service then you already know to leave the rock bottom price solutions to the others.
You focus on exceptional care and don’t mind paying a reasonable premium for it.
Merchant account providers that charge more and enjoy widespread acclaim are not always the go-to solutions they’re cracked up to be so it’s just a matter of fishing out the ones that are better.
Don’t be swayed toward the flashy objects offered by some providers that are lacking in substance to give you well deserved products and services. Make sure you are getting what you deserve and you’re treated like the valued business partner that they’re supposed to treat you as.