How to Choose a Merchant Account Provider

Step-by-Step Guide

1. 1

   Step 1: Get a variety of quotes from multiple sources.

   Don’t just go to your bank and take whatever it offers.
2. 2

   Step 2: Check the fine print.

   Don’t just compare the rates on an offer and pick the lowest one, there may be other aspects of the deal, that may end up costing you more. , When offered rates, choose interchange (fixed rate plus predetermined percentage of sale) rather than tiered pricing, at least at the beginning of your deal. , Merchant account providers use this as a tactic to retain your business for lengthy periods of time.
   
   They offer you better rates for a longer contract, but if you try to get out of said contract, they levy an absurd cancellation fee, effectively forcing you to stay with them, even after sudden hikes in pricing. , Always buy it outright, because the equipment isn’t too pricey, and is always more economical to just straight up buy.
   
   Some merchant account service providers, like CreditCardProcessing.com will even offer this equipment for free, clearly indicating that these machines aren’t as expensive as they’re sometimes made out to be. , Support is very important when taking on merchant accounts.
   
   Though the technology is relatively easy to use, troubleshooting during issues such as card declines, for instance, might need to be resolved on the spot by a trained professional. , Credit and debit cards inherently carry with them a certain amount of important information.
   
   Disclosure of a consumer’s CVV code, or personal details, could prove disastrous.
   
   So care should be taken that the merchant account complies with Payment Card Industry (PCI) and Data Security Standards (DSS) criteria. , Trading over the internet is becoming increasingly popular these days, so the merchant account firm should have the capabilities to provide their services for the web, too (even if you plan on trading online in the future).
   
   This should also hold true for infrastructure that allows mobile/wireless card receipt if your business is one that requires a lot of mobility and travel. , The process for application for credit card readiness shouldn’t be drawn out.
   
   You should find that once you've decided on which provider to go with, some credit card firms can even have your set up ready within one working day.
3. 3

   Step 3: Read all the terms and conditions carefully.

4. 4

   Step 4: Check carefully for cancellation fees.

5. 5

   Step 5: Do not rent or lease equipment from the merchant account service provider.

6. 6

   Step 6: Ask what support is offered by the provider.

7. 7

   Step 7: Ensure that adequate privacy measures are in place at the provider's end.

8. 8

   Step 8: Determine whether online commerce is included.

9. 9

   Step 9: Get started.

Detailed Guide

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