Payment Processing

Over 70% of businesses are being overcharged for their credit card and payment processing
There are simple steps that can be taken to reduce costs but Merchant Services providers won't do it for you because it impacts their profits
Moloco consultants can analyze your current payment acceptance methods and reduce costs associated with processing payments, such as transaction fees and chargebacks
Moloco can provide guidance on fraud prevention and risk management to protect your company and customers from financial losses
Moloco can help you navigate the complex regulatory environment surrounding payment services, including compliance with laws such as PCI-DSS and PSD2. Did you know that not being compliant can lead to your company being liable in the case of a breech?

Companies in the Payment Processing business are not known for their transparency and business owners often end up paying more than they should to be able to accept credit cards and other forms of payments. Here are the top 5 ways that Merchant Services providers take advantage of merchants:

Hidden fees: Often called Monthly maintenance fees, gateway fees, and PCI compliance fees, these can add up quickly and significantly increase the overall cost of accepting card payments.
Tiered pricing: Merchant services providers use tiered pricing, where different types of card transactions are placed into different categories with varying processing fees. This often leads to confusion and overcharging, as you may not be aware of the exact cost of each transaction.
Interchange plus pricing: Interchange plus pricing is usually the best model for a merchant, it is a pricing model where the provider adds a markup to the cost of processing a card transaction. Despite potentially being the best model, you need to be careful because the markup can be significant and can lead to overcharging if the provider does not fully disclose the cost of each transaction.
Early termination fees: Merchant services providers may charge early termination fees if you decide to switch providers before the end of your contract. These fees can be substantial and can discourage merchants from switching providers if they are dissatisfied with their service.
Reserving funds: Merchant services providers may hold a portion of a your funds in reserve, which can limit the funds available for the you to use. This can be especially problematic for small businesses that rely on timely access to their funds to operate.

With our expertise and connections in the Merchant Services space, Moloco consultants can review your merchant processing statements and provide advice for how to minimize your costs, improve the systems you're using and their integration in to your operations and account systems and overall make how you take payments an asset for your company rather than a liability.