In this week's issue...
How to Know If Your Merchant Processor Is Ripping You Off!
Most owners see their merchant processing statement, assume it's the going effective rate, and pay it. The statement is confusing, by design. Fees are split across pages and labeled like they can't be changed.
Here's what I look for on almost every statement I review:
A flat credit card rate. One number for Visa, Mastercard, Amex, everything. Easy to sell. Those cards do not cost the same to run. A $0-a-year card is cheaper to process than the $895 Amex Platinum. The points have to get paid somehow, and that cost lands in your rate. A flat deal pretends they all cost the same. They don't, so you overpay
Debit priced like credit. Debit interchange is regulated. A lot of statements still run debit around 2% plus a per-item fee. That's not the regulated rate. That's markup
Junk around the edges. Platform fees. PCI "non-validation." Gateway. All of it is usually negotiable or addressable
The sample in the graphic is one ordinary-looking month: about $1,181 in fees. Not huge. Not nothing. Times twelve, and it's the kind of line nobody shops because it looks normal
You don't need a forensic audit to start. Pull last month's statement. Circle the rate, the debit lines, and every fee that isn't a card brand. If two of the three tells show up, it's worth a look!
I made a Gemini Gem that could help you run a first pass on how you’re doing. Just note the AI won’t negotiate on your behalf 😉
If you want a second set of (human) eyes, grab 30 minutes on my calendar 😊
If you missed last week's LinkedIn webinar with David Spiegel
Last week, I asked you to sign up for a live session with David Spiegel: expert-level LinkedIn networking that turns connections into pipeline, in under 5 hours a week.
The recording is up and you can Watch it here!
Three key takeaways:
The headline is HUGE, prime real estate. Include audience, verticals, company size, a number, a shared affiliation
With only 3.5 hours a week you can do: 200 requests, ~100 connections, 50 conversations, 2 meetings... that's ~100 meetings a year!!
Comments beat posts (~10x the impressions). 10 a weekday is enough. Skip the connection note. Message after they accept ✅
David's slides are found here canva.link/wlahg7ab0udu8i0, and you can reach him at linkedin.com/in/dspeigel
Catch up on the ERC Podcast
We’ve had eight episodes so far, with the newest dropped yesterday (Tue Aug 25). After this issue, I’ll only link the new ones:
The Hidden Power of Digital Marketing with Ronny Herrera (Meridian). Why a real digital presence beats one-off posts, and how long-form vs short-form actually works
Multiple Touches Count with David Pascaru (Purely Imagined). Growth is IRL plus online. One touch rarely converts
From Radio to TikTok with André Archimbaud (Clearly Now Media). SEO, paid, reviews, and first-party data... "how did you hear about us" is a bad tracker
The Power of Rebranding with Varvara Langer (Black Cat Web Studio). AI speeds the website. Brand clarity still does the selling
Networking That Transforms Businesses and Careers with David Spiegel. Same system as the webinar, in podcast form
How to Master Sales with LinkedIn with John Barrows. ICP first, then AI for research, then a story-driven sequence
Build a Referral Machine with Jeff Tockman. How to judge a referral source, and how to start small
The New Rules of IT (and the price of weak security) with Orest Sison (CMIT Meadowlands). Cloud waste, HIPAA, and why "we're too small to get hit" is the expensive line
Onwards and Upwards,
Joe Lapscher
Partner, ERC
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