17 Questions You MUST Ask
It’s no easy job choosing a merchant account provider. And you’ve got better things to do than read through the tiny fine print of “terms of service” agreements (which don’t really tell you anything meaningful anyway).
How do I know?
Well, since I work with business owners day in and day out, they tell me.
To address their needs over the years, I’ve compiled a list of questions that THEY thought were important and then added some of my own that I KNOW are important.
So why make a list?
To address one challenge. If you are going to compare merchant account providers in any service (and merchant account providers are no exception to this rule), you should always strive to do an “apples to apples” comparison.
Granted, it’s not always easy to make a fair comparison. But without being able to match up what you’re REALLY getting, how can you make the best choice? It’s just not possible.
With this list you’ll be able to quickly match up all the important features and benefits of each provider, and then write down their responses on paper. That way, you can see which one comes out on top.
Does that make sense to you?
So, without further ado, here’s the list…
- Is there an application fee?
- Do you offer free equipment programs?
- Do you offer equipment leases?
- Do you offer free replacement of defective or damaged equipment?
- Will I be forced into equipment upgrades in the future?
- Can you work with online/virtual businesses?
- Are there any set up fees?
- What are your gateway fees?
- Will I be charged a fee if I have to change my bank account in the future?
- What are your monthly minimums?
- Who will PERSONALLY service my account if/when I have a problem?
- How long do the “quoted” rates apply?
- Are my rates guaranteed, and if so, for how long?
- Will I be “locked” into a contract, and if so, for how long?
- Are there any “early termination fees” should I decide to close my account?
- Do you offer any “service guarantees”?
- Do you offer a trial period?
In later articles I’ll cover each question in a bit more detail. And if you have any questions you think should be added to the list, please leave a comment on the site and let me know. Who knows, I just might add it to the list.
Quick Tip: and don’t forget to print this list out, or enter your name and email address in the box at the right for our free report. The list is included there as well.
To find a merchant account provider near you simply request a free merchant account quote. Or you can search through our merchant account provider directory.
Hi Alex, you can follow this link to get started: http://ampyourcashflow.com/merchant-processing-directory/
Wow. Great list, so start asking us!
Thanks for the kind comment, Mark. In the free report offered here, I talk about equipment leases. They are, in my opinion, the biggest ripoff in the industry.
The biggest rip off I’ve experienced was the equipment lease for my merchant account…it was $49 bucks a month for 4 years…turns out I could have bought the machine for something like $250. I also didnot know I could do a merchant account that I could cancel. my first one had me locked in for 4 years as well so I couldn’t get a better deal.
Listen to what Michael Guerin has to say. he is the real deal and honest and helpful.