First I want to thank you for trying to educate us on how the system works. As others have stated it is very confusing trying to figure out exactly what each potential processor wants to charge you.
My problem is this: I (and everybody here I’m sure) get frequent calls and visits from sales reps for processing companies and all they want is to see copies of your last few statements so they can show how much cheaper they are. My history is from another industry and I did a lot of purchasing and vendor proposal evaluations. I am a firm believer in blind bids. Since the terms of CC processing are so confusing, lets assume we are looking to buy a pump. I tell the prospective vendors what I want and need in the form of an RFQ. They determine what they have available that meets that requirement and then give me the price they are willing to sell it for. Company ABC is willing to sell the pump for $1500.00 whicjh is the lowest bid for satisfactory equipment so I buy it. Now if ABC has access to information that their closest competitor is offering the same pump to me for $1800.00 then they will bid $1750. If they don’t have the competitors info, they will bid what they are honestly willing to sell the item for, in this case $1500. So because the bid process was compromised I would pay 17% more for the same item.
I feel that by giving the processor your statements, you are giving them information that allows them to charge a higher rate than they would if they had to bid blindly and really wanted my business. They say they can not give me any information without reviewing my statements. Is there a way around this conundrum?