Using a point of sale system or integrated system that manages your sales, tracks inventory and helps you track your expenses and revenues can be a very good thing for your business, with one big gotcha – integrated payment processing. The gotcha is that some systems only offer a single credit card processing solution provided by a “preferred” partner. What that really means is that the software provider is getting a kick-back from the credit card processor in exchange for being an exclusive provider of credit card processing services.
So your POS provider has no incentive to provide the best prices to you. In fact, these software providers are financially incentivized to charge you the most possible for your credit card processing because with higher rates their incentive increases. There are even providers out there who will give you a free POS system because they know that as soon as you spend the time to enter all of your information into the system, you can never leave and they can charge you whatever they want to accept credit cards.
To avoid this hijacking of your credit card and debit card processing you need to make sure that your POS system partner offers you the flexibility to choose your own credit card processor. This way if you’re not happy, you’re in control and can do what’s right for your business.
At Leap Payments we’ll work thousands of POS systems and have direct reseller agreements to provide you with the lowest cost solutions from Performance POS, PC America, Authorize.Net, Virtual Merchant and Internet Secure. With over 1,000 integrated software partners that work with our online transaction gateways, we can find a solution that works for you. Another secret is that sometimes gateways add additional fees for themselves each time you authorize a transaction, we actively work with each client to identify the right processing solution so you see the largest possible deposits into your bank account, because that’s what counts.