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Most of us are familiar with the phrase “there is no free lunch”, yet, when it comes to payment processing, business owners or their decision makers easily believe THERE IS. Falling into the trap of teaser fees, they sign contracts and realize only when it’s too late that their “free lunch” costs twice or three times as much as they were led to believe....

Of course, what I am speaking about relates to the fees that some payment processing providers regularly advertise: “Our rate as low as 1.25%”! Really? Unless you believe that companies want your business in order to lose money, this rate is nothing but a teaser fee.

Any business needs funding. This includes small businesses of course, not just multinationals. A well-funded small business is eventually profitable to the economy in general down the line. However, small businesses always seem to have more trouble getting funding in the beginning. Entrepreneurs have to bear the burden during touch times in a recession too. This forces many young entrepreneurs to seek external funding from financial institutions, such as banks.

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How often do you sign something without reading the fine print or how easy is it to click ‘agree to terms and conditions’ online without even a second thought. What you might not be aware of is just what you are agreeing to by not examining the fineprint. If something seems too good to be true, it most likely is!

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This info graphic examines the evolution of payment processing and how it has completely transformed from bartering for goods and services to payment processing at the touch of a button.

Testimonials

  • Jimmy Staveris (Dunn's Famous) +

    After 20 years in the restaurant business I can honestly say that Nordex Solutions provides me with the one on one service that is hard to find these days. Friendly, knowledgeable staff and business model based on a passion for customer service. Keep up the good work! Jimmy Staveris (Dunn's Famous)
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