From time to time people ask me how they can find the best deal on a merchant account.

That’s because accepting credit cards for your business can often be more complicated than you might imagine.

And if you already accept credit cards you may already know that what you were promised can often VERY different from what you actually pay.

So how do you find the best merchant account?

Well, it’s all in the questions you ask.

And making sure you avoid three of the biggest merchant account traps out there. In no particular order they are:

1. Avoid credit card terminal leases
2. Beware of rates less than “normal”
3. Watch out for “early termination fees”

Credit Card Terminal Leases

ALL credit card terminal lease programs run 48 months (or longer) and are non-cancelable.

That’s the first problem.

And depending on what your monthly fee for the lease is (typically between $19 and $49 per month) you will end up spending several hundreds of dollars (or more) for a terminal that wholesales for a couple hundred bucks.

So why pay more than you have to?

What’s more, many merchant account providers offer free equipment programs.

So ask…

Rates Below “Normal”

If the rates you are quoted seem too good to be true, they probably are.

You’ll want to know how long your quoted rates apply and how long they will be guaranteed for (if at all).

You may also want to ask about any future rate increases and how the company’s policies are for notifying you regarding any rate increases.

For example, I found this comment on an excellent article related to Costco Merchant Services:  “they literally allow fees to be changed immediately, and the merchant accepts the new fees upon processing its very next transaction…”

That brings us to the single most important issue for you.

Early Termination Fees

Before you sign on the dotted line, you’ll want to know if there are any “early termination fees” or “cancellation fees.”

This is important because the biggest problem is not being locked into an agreement or contract. It’s being locked into a contract or agreement that you can’t get out of.

Some termination fees run from a couple of hundred bucks (I’ve seen $195) upwards to a couple of thousand dollars.

Yes, it does happen.

So protect yourself by asking about termination fees (or cancellation fees) and get it in writing BEFORE you sign up.

Choosing a Merchant Account Provider

To find a merchant account gateway and online merchant account provider, there are a couple of ways you can get started.

You can click on the link below to get a free rate quote from qualified providers, saving you time and aggravation:

CLICK the link and compare free
merchant account quotes today >>>

Or you can visit our new merchant account page for more information about how to accept credit cards online.

The choice is yours…

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