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First of all, thank you for coming to bankgap.com.  If you accept credit cards, chances are you are paying too much money for your credit card services. If you want to save money, you need to learn a few important things. 

Well, I'm too busy/old/stubborn to learn something new. If that is the case, you are making someone really happy!  Give us a call for an easy quick and dirty consultation.     

In order to understand how you can save money on credit cards, you need to understand how people make money selling credit card services.  The revenue centers are:  credit card terminals/ point of sale systems, credit card processing fees, and new sign ups. 

Credit card terminals/ point of sale systems

Leasing credit card terminals and point-of-sale systems are great avenues to a.) keep you paying too much for your terminal and b.) keep you locked in to high fees and non-competitive rates.         

Credit card terminals are specialized pieces of equipment.  They do a specific job and that's about it.  There are many different brands of credit card terminals.  The brands compete with each other.  Chances are the person that sold/leased you your credit card terminal didn’t tell you this.  Credit card terminals are surprisingly inexpensive!

If you are one on the many people who are leasing a credit card terminal, you are probably paying too much. New and refurbished credit card terminals start at under $200/ each.  At bankgap, we have seen where people have been charged leasing fees of up to $100/ month on a simple credit card terminal.   

If you are one of the lucky people who actually own your credit card terminal- good for you! If you switch to bankgap, we may or may not be able to work with your terminal.  We will let you know.  If not, we will make you the best deal we can on a new or refurbished unit.

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If you operate a fancy point of sale system, you are most likely paying too much all around.  Point of sale systems, especially the touch-screen systems found restaurants and bars, are very expensive.  They require a large initial investment, extensive programming to set-up, and training for the end user.  If you own a point of sale system, or POS, you could be surprised to learn that your POS system came programmed only to work with one credit card processor.  Chances are, that processor could be giving you a not-so-competitive deal.  Changing a POS system to bankgap can be expensive.  The problem is, the POS sales person knows that too.  They want to keep you locked in to them, and locked down all together.  Give us a call for a quick and easy consultation.

Leasing agreements and POS systems are great ways to keep you stuck in your current processing agreement.  bankgap has the experience to help.  In many cases we can help you separate your plan from your terminal, and your terminal from your plan.  In some cases we may cover any early termination fee.  The best way to find out where you stand is to use our automated system for a free consultation.

Credit Card Processing Fees

Credit card processing fees are a true marketplace.  We could write several hundred pages on this.  If you had to sit through our Credit Card Terminals section, then you probably need a break.  The truth is, credit card processors usually only make a small percentage of the fees you pay. 

Who gets the fees you pay?  Well, there are three names on every credit card.  You have the name of the cardholder.  The cardholder may receive a very small portion of the fees you pay through rewards/rebates.  You have the name of the card type: Visa, Mastercard, etc- these receive a little larger amount of the fees you pay.  Last, but not least, you have the name of the bank or institution that issued the card- “Bank of San Antonioâ, Skyway Airlines, etc.  This institution generally receives the greatest amount of the fees you pay.  What is left over, often cents on the dollar of the fees you pay, goes to the processor and the processors sales representative. bankgap is a sales representative.  We make our money on volume.

Certain cards have more fees than other cards.  Qualified, mid-qualified, and non-qualified are the general categories used for the fees charged by each card.  Non-qualified cards have the highest fees, and qualified have the lowest fees. 

Listen up!  Every single credit or debit card has a specific fee/rate associated with it. There are over 200 different cards.   The 3 categories are used to simply reporting.  Because every single card has its own rate, be careful with a processing company who quotes you percentages.  They may say, 1.49% fees on credit card purchases. Well that generally means 1.49% only one card-Bank of Nowhere 

Also, there is no standard format for credit card processing statements.  Every company seems to have their own statement.  Some statements are purposely designed to make it difficult for you to see exactly what you are paying in fees.  We know, we look at statements all day long!  Bankgap statements are simple and easy to read.  Call us for a free consultation and we will explain your existing statement to you, and show you where we can save you money!

Because there is so little money involved for credit card processors, they result to all kinds of tactics to squeeze out an extra cent or dollar.  Remember the Credit Card Terminals section?  
Cardbusters offers great rates on credit card processing fees.  Find out if we can save you money. 

New Sign Ups

Getting a business to willingly depart with 2-3.5% of their gross receipts is worth money.  Credit card processors use a scorched earth approach for this purpose.  Bankgap is a credit card processing sales rep.  Instead of hiring a couple hundred college kids with a script and a promise, we have decided to communicate with you directly.  Hopefully we will make a little money on your new signup.  We would rather make money on saving you fees, and you telling everyone you know!     

Business looking to accept credit cards.

If you are looking to accept credit cards we can help you.  Whether you are a new or existing business we can help you get started.  We can furnish a credit card terminal to you free of charge and offer you competitive rates.
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