SOURCE: Fattmerchant

Fattmerchant

November 15, 2016 09:00 ET

Survey: More Than 30 Percent of Business Owners Blindly Pay High Merchant Processing Charges

Fattmerchant's 2016 Merchant Processing Survey indicates business owners overlook cost-saving options for merchant services

ORLANDO, FL--(Marketwired - Nov 15, 2016) - Fattmerchant, a merchant services provider saving businesses thousands with its subscription-based model, today announces the results of its 2016 Merchant Processing Survey, determining how business owners view their monthly credit card processing bill and efforts made to save money. The survey found that while many merchants understand variable charges on merchant processing are high, they either aren't knowledgeable of more cost-effective options or they don't pay attention to the varying monthly charges to know they could be significantly saving. While 52 percent of respondents believe they are overpaying for merchant processing each month, 32 percent of participants either don't look at their bill before paying it or have no knowledge about their merchant processing account.

"What we've found is company owners know they're paying an excessive amount for credit card processing, but they don't actually know why the numbers are so high or they aren't paying attention at all. Merchant processing fees consume a continuous chunk of their bottom lines, but many business owners simply accept the myth that there's no way around it," said Suneera Madhani, CEO and founder of Fattmerchant. "Traditional processing invoices are notorious for hidden fees and contract terms hidden in jargon. That's where we are stepping in to educate business owners in every industry that transparent processing does, in fact, exist."

The survey also indicates that merchant processing fees are one of the leading reasons why some businesses don't accept credit cards. Of survey respondents who didn't accept credit cards, 36 percent noted it is because they are too expensive and inconvenient. Oftentimes, companies are locked into contracts with merchant services processing companies that include interchange, ancillary, and contract cancellation fees as well as markups in their monthly statements, driving up charges and making processing complicated.

"The true cost of credit card processing is often lost in all the other charges, making it hard for some merchants to see the value. Accepting credit cards not only makes transactions more streamlined, but attracts more customers because it is more convenient for them," continues Madhani. "It's important for businesses to understand the options they have for adding this business feature. Merchant processing isn't only available through big banks anymore, and flat rate processing is in fact possible."

Fattmerchant saves merchants an average of 40 percent on their monthly bill. For more information, visit www.fattmerchant.com.

About Fattmerchant
Fattmerchant is a subscription-based merchant service provider offering unlimited payment processing at direct cost for a flat monthly membership and no contract. Suneera Madhani, CEO of Fattmerchant, founded the company in 2014 after working in the credit card processing industry for four years, wanting to create and sell a product that was transparent and provided value to the everyday business owner. Fattmerchant offers credit card processing for every business type, without adding mark-ups or other fees, and providing free equipment, no contract and no ancillary fees.

Contact Information

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