About Contracts & Rates

 

What to Watch For From Our Competition

 

 

When signing any contract you should always read the fine print. But Merchant Account providers that offer services "Without a Contract" should not be trusted. If they don't require a contract then their Terms & Conditions are not worth the paper they are written on. If you are not committed to them they are not committed to you. Month to month is exactly that.

 

Moreover, without a term commitment they can change your discount rates and fees at will. Normally merchant account providers only raise their rates when Master Card/VISA raise their rates nationwide. Without a term commitment a merchant account provider can sell your account to a Third-Party processor that has usurious rates.

 

When you don't have a contract your account can be sold. Look at the mortgage industry. Mortgage companies offered home buyers extremely low sub-prime rates. Without the home owner's knowledge the mortgage was sold to a third-party. When it came time for that rate to adjust home owners were hit with a mortgage they could not afford. The same is true in the merchant account industry. Don't fall for the NO CONTRACT, LOW COST pitch. Your rates will change from a low "Teaser Rate" to an extremely high discount rate 2 to 3 times what you initially signed up for.

 

Our merchant account partners require anywhere from 12 month to 36 month agreements. This is pretty standard when working with legitimate providers. Our early termination fees range from $250 to $350 depending on the merchant account providers. Don't be afraid to commit to a provider. Be afraid not to.

 

Stay away from companies that give everything away for free. While it is common for companies to provide credit card terminals as "Free To Use", don't believe merchant account providers that offer wireless credit card terminals for free. You will pay extra in the end and many times over what it would cost you to buy a wireless terminal.

 

 

 

Stay away from auctions, Ebay and web sites that sell merchant accounts for $1.00 or rates that appear to be much lower than normal. Many unethical providers offer rates that are lower than cost. They take the hit for 2 months and then sell your account to a third party processing company that raises your discount rates and fees. They offer teaser rates that never last and trick you into leasing agreements and contracts that are hard to get out of. Even if they say there is no contract, there is a catch.

 

What's the Catch? Lets say you sign up with NO CONTRACT and get a FREE terminal from some company. 9 times out of 10 it will be a refurbished terminal. If your credit card terminal fails, crashes, or breaks, and it will, they will charge you $100 to ship you a replacement.

 

Never, ever, LEASE and credit card terminal. Buy one if you must, but never lease. You will find yourself in a NON-Cancelable lease at $25 to $35 per month for 12-36 months for a credit card terminal that only cost $300 to purchase.

 

Parson Enterprises, LLC only provides NEW credit card terminals that are FREE to USE for the life of your account. If you ever leave us simply return the credit card terminal to us and you will not be charged. If the terminal fails we will replace the terminal once every 6 months without a shipping charge. If we have to replace it more than once in 6 months the charge is only $50 to repair it and will send you a replacement while the original is being fixed.

 

A Few Words about Rates and Fees

 

Our Glossary will help you understand the most common terms but please take note of the following:

 

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For more information please call us at 773-770-6143 or via email at info@parsonenterprises.com