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

A Merchant Account Set Up Case Study…

It doesn’t matter if you have been accepting credit cards for some time, or if you are looking for a new merchant account for the first time.

There simply is no reason for you not to do your homework.

What do I mean?

Let me share with you an excerpt from an email I received only a couple of weeks ago…

“After signing up with this new merchant account company, and being with them for only less than 1 month, I am already in a difficult situation with the sales rep….

I am already out $100 that the sales rep was to reimburse for charges that were not supposed to be billed to me, which has not occurred as yet….

although I have had several scheduled meetings with the rep at his office to resolve these issues, he never showed for the appointments.”

Unfortunately for Maria, her experience is more common than you can imagine.

And the number ONE reason this happens may surprise you (as you’ll soon discover).

So how can you get the best merchant account for your business?

New Merchant Account Tip

The biggest mistake when setting up a new merchant account involves the failure to ask questions. Or better yet, the RIGHT questions.

Look, you certainly don’t need a huge laundry list of things to discuss with the person asking for your business.

But at the very least ask a handful of critical questions to the sales rep or ISO asking for your business.

After all, it’s your money.

And I’m nott simply mean rates and fees, either.

If you’re not sure what to ask, here’s a quick list to get you started…

1. Is there an application fee or set up fee?
2. Are there any termination fees if I choose to cancel or switch to another provider down the road?
3. If/when I run into a problem, will you be responsible for helping me sort through it all?
4. How long will the quoted rates be guaranteed or remain in effect?

Does that make sense?

And don’t be afraid to ask even more questions.

So what’s the number one reason why people run into problems? And why Maria ran into so much trouble with her account?

Here’s what she had to say:

“Unfortunately, I did not research before I signed a new contract; but, I’m learning and I have some questions…”

Choosing a Merchant Account Provider

If so, there are a couple of ways you can get started.

You can request a merchant account quote.  Simply fill out the short form and we will contact the appropriate merchant account providers for you.

To get started with a new merchant account, simply follow the link and find your state.  Once there you can follow the directions to find qualified merchant service providers that can help you get set up starting today.

Comments?  Questions?  Other merchant account issue you’d like to share?

We do value your opinion, and would like to hear from you.  Kindly leave a comment for us and we’ll respond as soon as possible.

Avoid this ONE common mistake.

More than any other industry or business type, retail is more sensitive to costs & fees. And the reason is understandable.

With astronomical rents to pay each month along with COGS (cost of goods sold) margin is the name of the game just to survive. Let along thrive.

And when it comes to searching for the best merchant account, the same rules apply.

So what is the most common mistake made when setting up a retail merchant account?

Signing up with a merchant account provider based on “Rate” alone.

Why is that a problem?

Merchant Account Fees 101

Merchant account providers mainly sell you on RATE.

I’m emphasizing the singular because most companies talk about, advertise, promote their “rate.”

They also claim to be the lowest.

So what’s the problem? Well, the advertised rate is NOT the only rate you’ll pay.

Not by a long shot.

And that’s because the majority of retail merchant accounts are set up with either three tier or four tier pricing.

It’s a bit complicated to discuss this in greater detail.  Just remember that there are different credit card TYPES (i.e. rewards cards, corporate cards, “world” cards – along with different WAYS to process credit cards (swiped rate, keyed in rate).

And these different factors, TAKEN TOGETHER determine what you’ll actually pay.

What that means is that the other rate categories (called mid-qualified and non-qualified) are not disclosed to you. So you won’t actually know how much you are really paying.

Additionally, these other rate categories may account for 80% of your overall processing volume.

It all adds up and makes a huge difference.

So, when you are talking to different merchant account providers about getting merchant account quotes, be sure to ask about these other rate fees.

Does that make sense?

Choosing a Merchant Account Provider

If so, there are a couple of ways you can get started.

You can request a merchant account quote.  Simply fill out the short form and we will contact the appropriate merchant account providers for you.

You can visit the Retail Merchant Account providers listed on the website by following the link.  Once there click on your state and review the providers listed there.

Comments?  Questions?  Other merchant account issue you’d like to share?

We do value your opinion, and would like to hear from you.  Kindly leave a comment for us and we’ll respond as soon as possible.