How to Choose a Merchant Account Provider
Are you looking for a new merchant account provider?
Whether you have accepted credit cards for sometime, are need a merchant account for the first time, choosing a merchant account provider can be more time-consuming and complicated than you might think.
Why?
When you understand the merchant processing industry the reasons are simple enough to understand.
For starters, few merchant services companies use the same language to describe the charges.
Then there are a range of fees and surcharges that are often undisclosed to you BEFORE you sign on the dotted line.
In fact, many business owners believe that there is only ONE processing rate. Unfortunately for them, there are a number of ways accounts can be set up that ultimately affect your overall processing fees.
So what can you do?
Three Merchant Account Issues to Consider
Review these three critical factors… and make sure you ask the right questions when looking for the best merchant account.
1. Are the rates accurate?
Ask the merchant account provider if the quoted rates are guaranteed. And if the rates are guaranteed, you’ll want to know how long the guarantee period lasts.
It doesn’t make much sense to sign up for a three year contract with rates guaranteed for 60 days.
So be sure to ask this question.
2. Do they have an early termination fee?
A while back I wrote an article on contracts and early termination fees… but the point is worth repeating again.
Contracts are not the biggest problem you’ll run into when signing up for merchant services. Contracts you can’t get out of are the problem.
So before you sign on the dotted line, ask about the length of the agreement. And then ask what early termination fees might apply to you if you decide to sign up with another merchant account provider before the term is over.
You will also want to know the procedure for getting out of a contract.
Some merchant service provides require written notice 30 days prior to cancellation.
So get the facts… and get them in writing before you sign up.
3. Will they be personally available when you run into problem?
With merchant accounts, it’s not a question of IF there will be a problem down the road. It’s a question of WHEN.
For example, you might have problems with your credit card terminal.
You might have a chargeback issued by one of your customers.
And the list could go on and on.
So when you get right down to it, when you need someone to talk to regarding your problem, there’s more to life than an 800 number and endless waiting on hold.
Ask the person you are dealing with if they will be personally able to help you when a problem comes up.
The bottom line is this: you may have to call that 800 number to resolve your problem. But it helps to have someone in your corner advising you and walking you through the process when a problem arises.
If you ask me, that just makes good business sense. And it’s not something that necessarily shows up in the rate quote, either.
Ready to Choose 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 download a free report of the Merchant Account Guide. Just follow the link to download your copy today.
Finally, you can follow the link to our merchant account directory to scan a list of merchant account providers in your area.
Comments? Questions? Other merchant account issue you’d like to share?
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When most people think about setting up a new merchant account, one of their questions inevitably involves how to accept credit cards for their business.