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Welcome! |

FAQ - Frequently Asked Questions

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What is eQuotz®?
eQuotz® is an online auction service for merchants, sales representatives, processors and financial institutions. We provide services through an interactive site designed for any size or type of merchant who wants to actively manage and Simplify their payment business. But more importantly, for those who wish to reduce their overall payment expenses!
Our product focus is on Credit Card Processing, Business Credit Cards, Working Capital Advances, Equipment Leasing, Equipment Purchasing and on-line Payroll Processing.
 
What is so unique about eQuotz®?
Our primary product is focused on Credit Card Processing, which encompasses setting up a merchant account to accept Visa, MasterCard, American Express & Discover. You receive the Benefit of having national exposure to the top financial institutions and Merchant Processors in the U.S. who will offer you an online quote for your merchant account. We provide you the online tools using our industry knowledge and technology, whereby you can cut to the bottom line of how much money you will pay on a monthly basis to accept credit cards. Of course, there is NO CHARGE TO YOU THE MERCHANT TO USE eQuotz®.
eQuotz® takes all the bids from 5 to 500 that you choose to receive. We then calculate what your monthly estimated expense will be for each bid. The process of calculating your estimated monthly expense is very complicated and is based upon eQuotz® patented technology. The process takes into consideration approximately 17 various billing fees that are assessed by the bank or processor, the type of pricing plan being offered, such as interchange pass through or a bundled rate program, the blend of cards that are accepted from consumer cards, check cards, and rewards cards and the blend of Visa, MasterCard, Discover and American Express cards that you will accept.
Lastly, eQuotz® determines the qualified, partial qualified and non qualified blend for all the card types you accept and calculates the appropriate interchange qualification levels. There can be as many as 280 various permutations that apply to this last step. eQuotz® distills them all down to ONE MONTHLY FEE that you will pay the bank or processor. No more guessing which proposal is better and what your monthly expenses might be. eQuotz® levels the playing field and removes the guessing from the bidding process. The bottom line is – YOU GET THE BEST POSSIBLE PRICE and are in COMPLETE CONTROL.
 
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What are the Features for Merchants using eQuotz®?
Using eQuotz® patented technology, we enable you to conveniently shop for the most competitively priced program. eQuotz® will show you approximately how much money you will spend on a monthly basis for your merchant processing services. The advantages for merchants using our services are:

- eQuotz® offers you the ability to view online a standardized proposal on all the bids that you receive from the financial institutions and merchant processors.

- Merchants can open up a bidding window from five to ten days, all from the comfort of your office.

- No more setting up face to face meetings with sales representatives to review and analyze their proposal.

- You can view all fees, who provides customer service, who is the processor, whether the fees are settled daily or monthly, the term of the agreement, the early termination fee   and more. It is that easy.
 
How do Merchants Enroll with eQuotz®?
You have to register with eQuotz® and the enrollment process is simple.

- Step One : You enter the information necessary to receive a rate quote. Confidentiality is of major importance to eQuotz®. None of the bidders will receive your business name, phone number or contact information until you select the top five or ten bidders.

- Step Two : Identify when you want the bidding process to conclude and how many bids you wish to review.

- Step Three : Assign a weight for each category based on the level importance in your decision making process:

    1. Lack of professionalism (training/implementation)
    2. Terminal/software problems
    3. Difficult to read/Reconcile merchant statement
    4. Require a more competitive rate
    5. Funding delays
    6. Poor customer & technical service
    7. Difficult to balance daily reports
    8. System uptime & reliability are issues

- Step Four : Select the top five to ten bidders. eQuotz® will release your business name, phone number and contact information to the bidders so they may follow up with you to answer any question you may have regarding their processing services.

- Step Five : Thirty days from selecting the top five or more bidders you will receive an email requesting confirmation of whom you chose for your merchant processing services.

- Step Six : As well, eQuotz® will request that you complete the "Feedback Survey". This step will help other merchants when they are evaluating bidders and their offers.
 
What are the costs for Merchants to use eQuotz®?
There are no charges to the merchant, our customer. Because of the unique structure of eQuotz®, there are no expenses or cost a merchant will incur for using eQuotz®.
 
How can I be sure that I will not be contacted by multiple Sales Representatives?
You are in complete control of who can and can not contact you. Once you select the top five to ten bidders eQuotz® will then release your business name, owners name, and phone number to the top bidders that you selected.


Break Down of Swiped Credit Card Fees Average Bundled Discount rate of 1.97% with an $88 Ticket Size

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Assumes $12,000 a month in Credit Card Volume with an Average Ticket of $88 for all Transactions
  Swiped Non Swiped
Interchage 1.59% 1.95%
Assessments 0.09% 0.09%
Processing 0.06% 0.06%
Authorizaiton 0.23% 0.23%
Average Discount Rate 1.97% 2.33%
Total Annual Fees Paid $2,863.80 $3,355.20
 
How can eQuotz® Help you Manage your Processing Expense?
The minimum interchange rate a merchant can pay is 1.15% and the maximum interchange rate is 2.81%. This leaves a 1.66% variance the merchant must manage. The “true” management of the discount rate by the merchant is seldom evaluated when shopping for a new banking/ processing relationship. Most merchants do not have the time, resources or complete understanding of how their credit card fee structure is administered. Most merchants tend to rely on their “Buy Rate” from their bank / processor when comparing processing alternatives. Over 20% of all credit transactions never receive the quoted “Buy Rate” because the transaction did not qualify at the lowest interchange level. Instead those transactions are down graded to mid qualified or a non-qualified rate. The down grades can easily add an additional half percent to the merchants overall credit card expense and in some cases it is as high as a full one percent. Which means you are paying an additional fee which can range from several hundred dollars to thousands of dollars in unforeseen annual expenses. With eQuotz® patented technology you will know what each bidder is charging and what your estimated monthly expenses will be for each bidder.
 
 
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Notice to users of the eQuotz® service: eQuotz®, its owners, employees, officers and directors are not responsible or liable for the services provided as a part of this website. The Website is to bring together merchants and acquirers for prospective business arrangements. Accordingly, eQuotz® is not responsible for the information related to any merchant or acquirer, for any quotes or subsequent pricing or for the quality of any services provided by any subscriber or user of the eQuotz® website, either merchant or acquirer. Use of this site constitutes the agreement of the user to deal with the acquirer and to hold Eqoutz, its officers, directors and employees harmless from any claims of any nature whatsoever.
Thank You
We certainly appreciate you taking the time to visit and use the eQuotz® product. We are confident this experience will save you money and improve the quality of your merchant account processing. If you agree with us, we would be very grateful if you would pass along the eQuotz® name as a referral to one of your business associates. However, if you feel that we did not completely meet your expectation, we want to hear about it help@equotz.com. Again, thank you for Your business!