We receive calls from businesses complaining that their current credit card processor is increasing their rates…AGAIN! Clearly they’re not Leap Payments clients, so now they’re looking for a better partner. Our competitors typically increase their rates in April and October when Visa/MasterCard/Discover announce their semi-annual rate changes. Most processors pass along these increases and add a little bonus for themselves to pad their profits. These other processors will put a tiny note on the monthly statement that their rates are increasing and then in a month the client realizes that they’re paying more to accept credit cards. Frankly, if you’re not with Leap Payments your processor is banking on the fact that you don’t read or even understand your monthly statement.
This April the card associations did announce some increases to their rates which only affect Supermarkets and also a few other insignificant changes to some rarely used card types. Once again, Leap Payments decided not to increase our client’s rates. The only exception is for our Supermarket clients who will see a tiny increase and we notified every Supermarket client personally and explained the changes, because they deserve an explanation and full disclosure. We believe that we may be the only credit card processor who decided not to increase all of our client’s rates this April.
Here at Leap Payments we’re different, we do our best to stop “rate creep” so you know that your rates will not increase. When our costs as mandated by Visa/MasterCard/Discover increase we will pass those along at cost, but we never add anything extra to pad our bottom line, because what’s important to us is your bottom line and your continued faith and trust in Leap Payments.
We also offer a Lifetime Rate Lock for the rates that we can control to demonstrate our commitment to keeping your rates low and earning the right to partner with your business every month. Our clients deserve to be treated with honesty and respect.
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