Time after time we see it, a business is setting up and they get a Point-of-Sale system which does what they need. Sometimes it thousands of dollars, sometimes free, sometimes at a hefty discount, and yes they will setup a merchant account so you can take credit cards.
Look behind you, because Rod Serling is giving a monologue about your life, business, and how you just opened up shop, …in the Twilight Zone. This is because of the litle, tiny, almost inconsequential data you don’t know. A few years from now, you will have someone review your rates for accepting those credit cards; and you will find out, much to your chagrin, that you are vastly overpaying. However, once you get into the process of switching to a company with a better rate you find out you can’t switch. Or at least you cannot without dumping your entire system. This is because the POS provider will only work if you use their merchant account. Normally you would have to watch a mobster movie to feel like you have that kind of loan shark in your wallet, but it happens everyday. Sadly, few people move from that system.
Why? It just seems easier to go ahead and deal with the devil you know as oppsoed to go through the hassle of switching and literally ripping the system out from your business to start over. Here’s the truth: it is a giant pain. And expensive. However, most POS systems are yours for the changing and you can change your merchant account at any time. better to start from the beginning with a system that is adaptable rather than pay the exorbitant fees to keep from having to replace the system.
Meridian Services 