1. All merchant card processors are the same. Busted. Each processing firm differs in how they handle key operations such as pricing structure (tiered vs interchange plus), customer service (automation vs live personnel), client retention (contract vs free agent). As you become familiar with the differences you will quickly realize which one suites you better.
2. It is difficult to switch processors. Wrongo Bongo. The transition can be completed in 24 hours, once an application is completed and a voided check is received. You can comfortably be processing the very next day.
3. Accepting credit cards is unnecessary. Uh-nope. Studies show that merchants see a significant increase in order size when a customer pays with a credit or debit card versus when paying with cash.
4. It will take too long to get paid. Busted. Unless you process with PayPal or Square, you will see quick deposits into your account. So if you take a payment on Monday, you will see your money on Wednesday morning. That's just one day of waiting instead of an undetermined hold that PayPal and Square users are subject to at any given time.
5. You must sign a lengthy contract for merchant card processing. Nah. More and more processors are evolving into a business model that allows merchants to come and go according to satisfaction, not contractual obligation. Bye bye Neanderthal days!
6. You will have to switch banks to switch merchant card processors. Nope. Your payment processor can deposit funds into any legitimate bank account. We like that you are loyal to institutions that treat you well.
7. Terminals are too expensive. Busted again. Terminals are only expensive if you lease them. Then...ouch! But if you buy one, you can get one for around $250 and then it's yours.