Merchant Processing… Simplified Merchant Account Providers >> Retail Merchant Account, Online Merchant Accounts, High Risk and Cash Advance

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…

1. Is there an application fee?
2. Do you offer free equipment programs?
3. Do you offer equipment leases?
4. Do you offer free replacement of defective or damaged equipment?
5. Will I be forced into equipment upgrades in the future?
6. Can you work with online/virtual businesses?
7. Are there any set up fees?
8. What are your gateway fees?
9. Will I be charged a fee if I have to change my bank account in the future?
10. What are your monthly minimums?
11. Who will PERSONALLY service my account if/when I have a problem?
12. How long do the “quoted” rates apply?
13. Are my rates guaranteed, and if so, for how long?
14. Will I be “locked” into a contract, and if so, for how long?
15. Are there any “early termination fees” should I decide to close my account?
16. Do you offer any “service guarantees”?
17. 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.

Involves Much More Than Merchant Account Fees

Or “rate.”

A few articles ago I mentioned how there is a complete disconnect between what you should be looking for in a merchant account provider, and the way merchant accounts are marketed (and understood) by business owners.

The disconnect?

Focusing on rates and fees to the exclusion of everything else.  And there are two main reasons why I say that:

1. most merchant account providers actually hide the true cost of processing by focusing on “rate” (as if there is only ONE rate)…
2. most business owners think that the only way to evaluate different providers is to ask about their rate (as if there’s nothing more to ask)…

And that’s a problem.  Or a potential problem for your business.

Why?

Well, if you’re like most business owners accepting credit cards at your business a good portion of your day to day income is tied up with your website or your credit card terminal. 

And that means when you run into problems with your merchant account there will be an immediate and dramatic impact on your cash flow.

Big time.

In other words, if your account was “frozen” and you couldn’t get access to your money for 90 days (or more) because it was being “held” would you be able to keep the lights on?

Believe it or not, this does happen from time to time.  And for most people I know the answer is simple.  They just couldn’t survive very long with a significant portion of their cash flow tied up in red tape for no good or understandable reason.

Now, in the above scenario, what’s a few fractions of a percentage point (real or imagined) when you can’t even get access to your money.

What, in essence, did you really save?

Hey, don’t take my word for it.  Here’s a brief quote from an actual email I recently received from someone who is NOT a client (yet – we’re working on it):

“It’s been a hell of a ride. Some bad things happened this year too including:

-motorcycle stolen

-wheels stolen off my car

-hit and run side swipe

-PayPal holding 100’s of thousand of dollars without explanation

-merchant account shut down without notice, etc.”