Palm Beach merchant services has been claiming to save merchants on fees and exchange for a cut of the savings. The idea itself sounds really good and that it should work out to the merchant’s advantage. However, there are a few other ways to view this and points to consider. First off, merchants shouldn’t contact someone else to do their negotiating. It would be like using a third party to negotiate for you when talking to your vendors or your phone company about your bill. Yes, they may know this business a little better and know how much they can squeeze, but with a little patience and a some talking, you can very well learn this yourself. Simply call your current processor and see what they are willing to do. Then call some other companies and get some rate quotes from them based on your current processing numbers. Take all the information you have learned and go from there.
The second thing to keep in mind is you wont have to share those savings with a third party. A little bit of your own time and some phone calls could very well save you 100% instead of giving part of those savings to someone else. Remember, your current processor doesn’t want to lose your business!