Are Free Credit Card Terminals Really Free?
by Chris Judy
Total Merchant Services was one of the first companies out there that started offering their merchants a free credit card terminal along with their credit card processing services. When we started, our competition could not understand how we could do this. At the time, it would not be unusual to sign a lease on a terminal that costs $300 and end up paying thousands more than it is worth. Other people sold the equipment with 100%+ mark-up. Our competition could not understand this: they were making money on credit card terminals hand over fist, and we were giving them away.
“How is this possible??”- asked for the competition. Many different scenarios unfolded as the competition also offered a free credit card terminal to their merchants. Some decided that the only way to offer a free credit card terminal and still make as much as leasing or selling the credit card equipment would be to raise the fees. They increased batch fees, transaction fees and added annual fees to offset the upfront monies they were accustomed to receiving from each merchant. Did Total Merchant Services do this to offer the credit card terminal for free? No, since I was already working for Total Merchant Services when the free credit card terminal program was reviled, I know that the fees remained unchanged.
As the merchant’s representative, I could still offer the same great pricing that we had offered before the program after rolling out the free terminal placement program. Some of our competition still do not understand this and tell their prospective merchants that it is “never free,” attempting to sell or lease to them an overpriced terminal. Total Merchant Services stands behind our free credit card terminal program. So what’s the catch? There is no catch, no hidden fees, no annual fees, no cancellation fees, all with our low-cost pricing backed by our meet or beat guarantee. We want you to have the best credit card terminal available simply because when your business thrives, so does ours.
For more information on our free credit card terminal programs, visit our free terminal & POS page.
If you have any questions feel free to contact me, Chris, at any time at 800.51.TOTAL / 800.518.6825. Have a fantastic day!