When it comes to finding, and choosing, a merchant services provider for your business, there’s more to it than simply asking about than their “rate.”
Why is that?
For starters, there are at least 3 different pricing models that may apply to your account.
Add to that additional fees to process transactions online, for a wireless merchant account or to accept payment through a mobile device and you can begin to get an idea of how these different rates and fees can add up quickly.
So what can you do?
Ten essential questions to ask
In no particular order here are 10 questions to ask when comparing merchant account providers.
- Are there any other rates or fees that apply?
- How long are the quoted rates guaranteed?
- Do you offer any free equipment programs?
- Is there early termination fee?
- How long will it take for funds to reach my bank account?
- Have you worked with businesses like mine before?
- Is there an application fee?
- How long will it take for my account to get approved?
- Who do I contact should I have a problem with my account?
- Do you offer 24/7/365 customer support?
It may seem like a lot to ask. However, the number one reason why people end up with a bad merchant account provider is because they fail to do enough research before signing up with a merchant services company.
At the end of the day it’s your money.
The only reason to have a merchant account is to give your customers or clients an easy way to pay you for your goods and services. And having the right merchant account means that you’re able to offer convenient payment options without it costing you too much of your hard-earned money.
So it pays to speak with more than one provider – and to compare their answers to your questions before you sign up on the dotted line.
That make sense?
I hope you found this information helpful. Please feel free to share your comments below.
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