Chicago, IL (PRWEB) February 13, 2013
Business owners across America have long been frustrated by their merchant account providers’ intentionally confusing account setup and misleading fee structure resulting in thousands of dollars in lost revenue. Merchants that were promised low rates and a host of services for almost nothing come to a harsh realization that, after their initial “honeymoon period,” they’ve lost profitability in their business due to unexpected rate increases and new account provisions.
According to Velocity Merchant Services’ President Dema Barakat, anger and resentment from business owners towards other players in her industry runs deep and stems from questionable sales practices, lacking documentation and the misplaced desire to win a merchant’s processing account no matter the cost.
“In my 15 years in this industry, I’ve seen businesses paying $99 a month for a terminal they were told would be “free.” I’ve seen statements so convoluted that a merchant being charged 10% per transaction would never be able to see that they are being taken advantage of. And although they’re not happy with their situation, they don’t believe they’ll find better care elsewhere,” explains Barakat.
It’s this kind of reputation that drove her and her executive team at VMS to develop an easier way to set up business owners with merchant accounts. VMS leadership hopes that their new bundled pricing structure, launched in late January, will eliminate customer confusion and provide a better overall solution for their merchants.
“We took a cue from Comcast, minus the six-month introductory pricing,” states CEO Danoush Khairkhah. “Everyone understands the concept of a “bundled” package; we just realized we could offer the same simple clarity within our industry. What we’ve done is to put these package options in writing and attached one simple price.
Our customers start with a brand new terminal. From there, they can choose to add any of our marketing tools to customize their package with us. We’ve established pricing transparency in our industry, and along with our guaranteed fixed rate structure, I believe our offering will resonate with a lot of businesses.”
Khairkhah explains that the company has already seen a boost in sales that he believes comes from the simplified pricing structure. “We’ve also noticed an increase in sales representative performance. It’s easier for them to explain a clear, simple program, and they’re more confident in their ability to guide a customer through the sales process.” VMS states they will continuously assess the new program’s performance based on customer feedback with the goal of dramatically improving customer satisfaction and driving sales for the company.
ABOUT VELOCITY MERCHANT SERVICES
Since 1998, Velocity Merchant Services (VMS) has remained Illinois' largest inside telesales organization for credit card payments processing. While saving the average business owner between 20-50% on their processing costs, VMS helps them increase their sales by 30% or more by setting them up to accept credit cards, debit cards and gift cards. Customers also benefit from the merchant account provider’s integrated professional website development services and secure access to capital through their Fast Cash program. They are continuously growing their small business offerings to better serve their merchants.