The Best Merchant Account Provider Checklist
So you started a business, have satisfied customers and are growing rapidly.
Customers start asking you if they can either have a credit with you and pay you in anywhere from 30 - 90 days or pay via credit card.
What do you do? Due to its many intricacies, for an outsider, navigating the credit card processing industry can be a daunting task.
Offers and numbers are thrown at them in such a rapid manner, promises are made, and bonuses are added in for free.
The first thing that merchants normally ask when they contact a merchant account provider is what are your rates? Although it is integral to understand how much it will cost for a business to process credit cards, there is much more to it than just the rates.
As unfortunate as it may be, many merchant account providers are not totally upfront about presenting their rates.
Most pricing models allow for rates to change depending on many different factors including how the transaction is taken and the type of card that is used.
Your merchant services provider should educate you as to which pricing model you are on - tiered, interchange plus or qualified/non-qualified, and explain the benefit of your pricing scheme to you.
There are also additional charges to take into account, such as batch fees, transaction fees, statement fees, PCI compliance fees.
The list can go on and on.
The only way a business is able to properly calculate the costs of accepting credit cards is to find a company that is prepared to go through all of these details in full.
Many companies will try hiding these fees in one form or another.
Remember, the informed merchant is the best merchant! In addition to the rates and fees, the business owner must be aware of the following; How long will it take for their credit card processor to transfer funds into their bank account? In case of technical difficulties, how long will it take for me to get a live operator on the phone? How knowledgeable and helpful will they be? How secure are my customers data throughout each point in the transaction process? Again, I advise the business owner to be mindful and ask questions.
The best way to be able to qualify a merchant account provider is to read customer reviews and testimonials.
From these reviews, you will be able to determine if they are truly honest in their pricing and upstanding in their customer service.
Doing a perfunctory search online will quickly determine the standing of the credit card processor.
For more information on small business merchant accounts check out our website.
Customers start asking you if they can either have a credit with you and pay you in anywhere from 30 - 90 days or pay via credit card.
What do you do? Due to its many intricacies, for an outsider, navigating the credit card processing industry can be a daunting task.
Offers and numbers are thrown at them in such a rapid manner, promises are made, and bonuses are added in for free.
The first thing that merchants normally ask when they contact a merchant account provider is what are your rates? Although it is integral to understand how much it will cost for a business to process credit cards, there is much more to it than just the rates.
As unfortunate as it may be, many merchant account providers are not totally upfront about presenting their rates.
Most pricing models allow for rates to change depending on many different factors including how the transaction is taken and the type of card that is used.
Your merchant services provider should educate you as to which pricing model you are on - tiered, interchange plus or qualified/non-qualified, and explain the benefit of your pricing scheme to you.
There are also additional charges to take into account, such as batch fees, transaction fees, statement fees, PCI compliance fees.
The list can go on and on.
The only way a business is able to properly calculate the costs of accepting credit cards is to find a company that is prepared to go through all of these details in full.
Many companies will try hiding these fees in one form or another.
Remember, the informed merchant is the best merchant! In addition to the rates and fees, the business owner must be aware of the following; How long will it take for their credit card processor to transfer funds into their bank account? In case of technical difficulties, how long will it take for me to get a live operator on the phone? How knowledgeable and helpful will they be? How secure are my customers data throughout each point in the transaction process? Again, I advise the business owner to be mindful and ask questions.
The best way to be able to qualify a merchant account provider is to read customer reviews and testimonials.
From these reviews, you will be able to determine if they are truly honest in their pricing and upstanding in their customer service.
Doing a perfunctory search online will quickly determine the standing of the credit card processor.
For more information on small business merchant accounts check out our website.
