Do not play the "Rate Game".
"What is your rate?" I have heard this one a thousand times if not several thousand times before. Reps generally smile when they hear this question. It means that the person in front of them really doesn't know or understand credit card processing at all. The merchant is under the belief that all they pay is just one rate and nothing else. Most reps will answer that question with the question, "What are you paying now?" I will guarantee you that if the merchant gives a half way believable answer like,"I pay 1.89%" the rep will come back with a lower rate. Really hate to break it to you but all cards are not created equally. There are different rates for different cards. Some companies use the one rate fits all. Those typically have a much higher rate than the industry average and use the theory that most of the cards presented at your business normally qualify for much lower rates and that you may only take a few that don't. They more than make up the difference on costs. While rates are an important part of processing, there many more fees that comes into play. Transaction Fees, Regulatory Fees, Statement Fees, PCI Fees, Reporting Fees, etc. These fees all impact the cost of processing each month. The better question and the smart question the merchant should ask is, "What is the overall cost each month in doing business with you?" This question puts you in control of the conversation and leaves about 75% of reps scrambling for an answer.