Banks offering merchant services

Here is something that most merchants don't know. When you get the idea to start your own business what is one of the first things that everyone does? You probably open up a business checking account so you can pay vendors and clients can pay you. Many banks boast that they offer merchant services, but what most people don't realize is that most banks do not handle the credit card processing in house. Most banks have a "referral relationship" meaning that they sell their clients to a third party processor as an additional revenue stream.

So what is the big deal? Well, the banks portray the service as if it were in house, but you'll learn that this is a big fat lie if you ever start to have problems with your merchant account and need some help. Suddenly, your banker won't have all of the slick answers for you that they had before you signed your merchant contract. Also, with all of the bank buyouts, many banks are constantly changing their referral relationships so they might refer you to one processor today and try to convert you to a new one next month.

Be very careful who you give your business to in the merchant services world because you can risk thousands of dollars over trying to pinch a couple of pennies. If you are ever unsure about a potential relationship with a merchant account provider or have questions about the contract you are currently in you can always contact Ideal Cost by visiting www.idealcost.com.

My Friend/Family Member Handles My Merchant Account

We all trust our friends and family members to have our best interests in mind on a personal and social level. Many of us in business like to work with people we have long-standing relationships with because we have enough stress in our daily lives without shopping the competition. This ideology has led many people request merchant accounts from friends/family members or for friends/family members to pester us until we finally let them have our merchant account. While, businesses feel comfortable giving this to service to those who they know and trust, there may be potential downfalls:

1. The friend/family member won't shop their merchant account around because they won't want to ruin the relationship.

2. The more the friend/family member overcharges the business, the more profit they make monthly.

3. The friend/family member doesn't have to give priority service because they don't fear losing the merchant account.


At Ideal Cost, we do not want to ruin family and friend relationships so we do not have our clients leave their existing merchant account. Our clients are often surprised, however, that they have been overcharged thousands of dollars a year by a friend or family member. At Ideal Cost, we preserve relationships and money for our clients.

Who is Ideal Cost?

Ideal Cost was founded in January of 2009, by Robert Livingstone , a top-performing credit card processing sales representative with hundreds of merchant accounts throughout Florida. Robert set all of his business clients up with the equipment and service necessary to increase revenue by accepting credit cards from customers. He often found himself advising merchants not to switch credit card processors because of the expensive cost to cancel and begin new contracts.

Since Robert enjoyed helping merchants much more than setting up credit card processing accounts he started Ideal Cost in an effort to save merchants money without switching their credit card processor. Ideal Cost's motto is "Do Nothing, Save Money!" Ideal Cost guarantees that merchants will save money or they will not have to pay Ideal Cost for services rendered. Ideal Cost has been recognized by the Palm Beach Post, Miami Herald, Businessweek.com, Business Leader Magazine, and various other publications as an innovator in the merchant services industry. Visit www.idealcost.com for more information.