When I signed up I told the salesperson that if our first statement looks good I'll refer a lot of business to him. Well, guess what, it wasn't. It was a waste of time switching to them. The rates were higher than what was shown on the contract and now we're also stuck with an egregious lease for the machine. The salesman explained to me that its impossible to predict what the rates will be. But of course they're HIGHER than what's on the contract.
I checked their Better Business Bureau (BBB) rating and for a while their membership was REVOKED. How does a business mange that? It now shows that they are under review.
Bottom line, we are saving money over what we paid with the prior processor. But the salesman pointed out that he's never seen such a high rate as we were paying with the prior processor. So a decrease in rates for us does not mean its a good deal.
What I've learned:
* Lease on the machine is $89.95 + tax per month. We are paying four grand for a thousand dollar machine.
* Unlike other processors who have 3 tiers, they don't have a middle tier so I guess we're being bumped to the higher tier.
* Debit cards are at credit card rates, costing us more than 1% on debit card sales.
If you are contemplating switching processors you have to understand how the process works. The rates on your contract with Capital Processing Network are the base rates - they DO NOT include the surcharges levied by the credit card companies. These can be different for every card - someone has to pay for those affinity miles. Keep that in mind when comparing overall rates with your current processor. Its complicated but if you don't understand it you will wind up over paying.