I'm going to give you a quick run down of my advice, but I'm working on a more detailed presentation that I'll post in The Foundation, where I'll go over all of the terms and tips for looking at where you might be getting ripped off.
#1 - You have to negotiate rates. You are not going to get the best rates possible by going to only your bank, or one other company. If you go to one place, they're going to give you their rates they offer everyone, which are ideal for their pockets and not yours🤑.
#2 - Stick with reputable businesses and banks🏦. We've used NCMIC for years, and been very happy with them!
#3 - If rates seem too good to be true, then there's probably something wrong. Last week I saw someone post that they found a company with zero fees, but it turned out that the company was charging his patients the fee😳.
#4 - Know how and when you can end your contract📜.
#5 - Know if they will increase rates during your contract or at the end of the contract and how they notify you if this is going to happen☎️.
My recommendation is to get a quote from 1 place, then take it to NCMIC(because I like the company and think they'll beat the others). Also there's no surprises with NCMIC, they're a reputable company that cares about their clients. The places that I would start with are your bank, Costco, & Heartland Payments because they all offer competitive rates.
We started with one company when we opened. It was a friend of Rich's and he got us good rates. It was hard to get out of the contract though. We could only cancel it during a 30 day window each year. They also raised our rates while we were with them and never notified us about the increase. We then took our rates to another company for a quote and then took that to NCMIC to get the rates we have now.
I looked at one of our credit card statements. If we were with Square or another flat rate processor at 2.75% then we would have paid an extra $76 that month. If you multiply that by 12 for the year, then we would have missed out on almost $1000/year by using a non-negotiated, flat rate service.