When it comes to setting up a non profit merchant account understanding the overall costs and fees is more important than with traditional business merchant accounts.
And for obvious reasons.
So how can you find the best merchant account provider for your organization?
By following the five steps outlined below you should be able to get the most cost efficient merchant account available…
How to set up a non profit merchant account
The first step to consider involves a type of merchant account solution you need.
For instance, if you credit card terminal the process transactions face-to-face ask the merchant account provider for any free equipment deals are programs they might be offering. For an online merchant account make sure they’re no application, set up, or programming fees.
Next comes your processing rates.
Though there are a number of price models, make sure your account is set up as “interchange plus.” This will get you the best deal available.
For online accounts, make sure the Gateway fees are clearly spelled out for you. You’ll want to double check the additional transaction charge that is common with most Gateway accounts. If you require a retail account you’ll want to ask about minimum processing fees.
Next, ask about other fees that may apply – such as: PCI compliance fees, IRS reporting fees, statement fees, etc.
You’ll be amazed at the laundry list of fees that can get tacked onto your account without your knowledge.
Finally, you’ll want to make sure there are no early termination fees should you decide down the road the closure account or move to another provider. These fees can run anywhere from a few hundred dollars to a couple thousand dollars so it pays to ask.
By following these steps you will be in a better position to get the best account for your organization.
I hope you found this information helpful. Please feel free to share your comments below.
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