If you go to Google (or have gone there recently), no doubt you’ll find a flood of information about merchant accounts. It’s sure a long list, from the “mega processors” and big banks to folks like us. And one thing is common.
They are all trying to get your business.
But one question remains…
How to get the best account
How do you know if you’re getting a good deal if you don’t know all the details of setting up a merchant account?
Let me tell you one thing… it IS a lot more complicated than you might think, at least as far as pricing is concerned. Unfortunately for you the majority of merchant account providers don’t make it any easier for you to understand.
They’ll quote you ONE rate, never telling you that there are at least three (3) different pricing models that may apply to your account.
That’s what people mean by “hidden fees.”
Sure, it’s simple enough to get a terminal, plug it in, and swipe your customers cards.
For retail merchant accounts all of the seems fairly straightforward. But what about hooking up your website to accept payments online. In that case you’ll need a “gateway” (or virtual terminal) to link your shopping cart to your bank account.
And, you’ll pay more in fees.
Beyond the basic stuff about needing a bank account to receive deposits from swiping (or keying in) your customers credit card info, how will you know what the real costs are, in dollars and cents.
There are lots of:
- rate traps (i.e. terminal leases)
- undisclosed surcharges
- non-cancelable agreements
- hidden fees
And if you ask me, those are the real issues that need to be discussed.
And that’s why I’ve put together this site, as a resource for business owners to find useful, reliable, and unbiased information regarding the realities of accepting credit cards online. In fact, these are the questions you should ask any sales rep who is pressuring you to sign up:
- application fees?
- set up fees?
- early termination fees?
- are the quoted rates guaranteed?
- if so, for how long?
- how many years of experience do you have?
- if I have a problem can I contact you directly?
It makes sense to compare providers side by side in order to get the best deal for you… and your business. Wouldn’t you agree?
I hope you found this information helpful. Please feel free to share your comments below.
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