Free Merchant Account Comparison Site Requires Agreements for Its Credit Card Processors

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Merchant account comparison Website CardFellow.com is now requiring its credit card processors to sign an agreement that prohibits them from engaging in unethical practices. The unusual contract enhances the ability of the free site to match businesses with the best, most cost-effective credit card processor.

CardFellow.com has taken a bold step to make it even easier for merchants to find the best credit card processor for their needs. The free merchant account comparison Website is now requiring all of the processors offering quotes through its online service to sign an agreement that will ensure they are conducting business with transparency and integrity.

The agreement specifically:

  •     bans credit card processors from charging cancellation fees
  •     requires processors to quote only transparent, inexpensive interchange-plus pricing
  •     forbids credit card processors from leasing credit card machines, software or equipment (Instead, equipment must be sold outright or may be rented to merchants on a month-to-month basis, and charges must stop once such equipment is returned to the processor.)
  •     requires processors to report all areas of credit card processing expenses such as interchange fees, dues and assessments, and markups separately on all quotes
  •     prohibits credit card processors from increasing a merchant’s rates or fees for as long as the merchant remains processing with their service

Dwyer emphasizes that CardFellow’s credit card processors—which are selected to work with the site on an invitation-only basis—are honest and trustworthy. The agreement provides extra reassurance to merchants and highlights that CardFellow’s processing partners operate with integrity. “CardFellow’s agreement levels the playing field for the processors that place quotes through our system and allows them to focus on what they do best, which is offering exceptional service, value and support at competitive prices, instead of having to worry about explaining away the shady tactics that the competition may be employing,” Dwyer says.

Since its inception, the credit card processing industry has been fraught with unethical practices that include high cancellation fees, confusing pricing, hidden charges, price gouging, exorbitant credit card processing machine leases and overall poor service. Consequently, businesses have developed an inherent distrust of credit card processors over the years. Low confidence in the financial services industry is part of the reason the government passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation—also known as the financial reform bill—was signed into law last year to establish new regulatory bodies, to restrict the actions of banks and other financial firms, and to protect consumers and investors. CardFellow’s agreement institutes its own form of protection for businesses using its Website.

CardFellow is an innovative resource that makes it easy for companies to find reputable and responsible credit card processors. Businesses that take advantage of the site receive instant merchant account quotes and ongoing support to help them choose the best solution. This makes CardFellow an easy, straightforward solution for businesses that are looking for the most cost-effective access to merchant account services. To learn more about CardFellow and its merchant account solutions, please visit CardFellow.com or call (800) 509-4220.

About CardFellow, LLC
CardFellow, LLC has been helping businesses locate the right credit card processor for their needs since 2006. It provides instant quotes from multiple credit card processors, as well as personalized support to help businesses select the best option. The time-saving Website also serves as a point of contact for the merchant and their chosen credit card processor, providing support for as long as the merchant is processing credit cards. Businesses can sign up to use CardFellow for free and anonymously, so they never have to worry about receiving sales calls or emails from prospective processors. Businesses are under no obligation to choose a credit card processor through CardFellow. A privately-owned company, CardFellow provides services to registered users nationwide from its office in Cromwell, Conn.

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Ben Dwyer
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