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When the Banks Stumble
In a post earlier this week, we discussed the controversy over big banks and credit card companies financing their rewards programs with costly swipe fees consumers and business owners must pay for the convenience of using their debit or credit cards. While businesses recognize the importance of their merchant credit card processing services, they have grown tired of being held hostage by the big national chains.
Now, however, there just might finally be a shift in power. It’s a combination of economic factors and the bank bailouts many Americans are still seething over, just to name a couple reasons. Many financial experts are calling these changes the result of the “21st century lifestyle”. Merchants are acknowledging the importance of a complete suite of credit card processing services, including internet credit card processing services. And how are these businesses managing to make these changes? It’s simple, really. Instead of staying with their fee-hungry national banks, they’re quickly realizing credit unions are a better solution not only for the business owner, but for his customers, too.
And if you’re wondering how significant this new trend is, you should know it’s a grassroots movement that has picked up speed, including the support of Arianna Huffington, the founder of The Huffington Post and the founder of The Move Your Money Campaign. It’s all about sending a message to those companies that report billions of dollars in profits, courtesy of business owners and their customers. Credit unions have fees that are much lower than their traditional counterparts.
Your first question might be, “Will this interfere with the way I currently handle my merchant credit card processing services?” Absolutely not. In fact, it’s a win win for all parties. FDIS provides the networking and hardware capabilities and has nothing to do with your choice of financial institutions. Your bank and your customer’s bank determines the fees that are charged anytime a you or one of your customers swipe their debit or credit cards. Our role is as the facilitator that ensures the transactions are complete in a safe manner that protects everyone’s financial information.
Want more information on this new trend? Contact us today – we stand ready to answer any questions and work with you as you fine tune your financial tools that will keep you viable.
