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How to Find the Best Merchant Account for you and your small business?

When examining the many options available to merchants who are considering whether to start accepting credit cards best high risk payment processor at their business, I understand how quickly it can become overwhelming. Along with whether to even start accepting credit cards, merchants suddenly have to wade through the many options available to them. PayPal, a merchant account, or another third party option are all options that provide their own plusses and minuses.

For those merchants that have chosen to go with a merchant account, there are a number of factors you must keep in mind when reviewing merchant account providers. One of the main ones that I regularly speak with merchant’s about is to:

Focus on the Actual/Overall Costs

The majority of the merchants I have worked with and spoken to that are unhappy and frustrated with their current merchant service provider are typically like you, intelligent individuals that did research to try and get the best deal. Unfortunately it turns out that despite their best efforts, they unwittingly were focusing on the wrong areas of their contract and as a result ended up with an account that looks great on the front end but terrible when their statements came through.

My advice is to always focus on the actual costs of the account as opposed to the lowest rates.

Merchant account providers know that rates are a great buzz word, and market it to great effect. However, with over 300 different types of credit and debit cards in the market today, as well as 3 different rates for each card – getting a “low low” rate on one specific type of card and transaction almost always is a long terms loser for the merchant and a big winner for crooked credit card processing companies.

Finding the lowest overall cost is not an easy thing to do as merchant account providers go out of their way to hide extraneous fees and assessments deep in contracts and other places that are not on the shiny first page of rates that you see on your contract.

My advice for merchants is to always ask for and receive a full schedule of rates and fees. This is the document that will lay out all of the costs involved with your merchant account – beyond that “lowest possible rate” you found in your research. Walking through this document with your sales representative you may be very surprised at what the actual costs you can expect to see each month when you receive your processing statement.

Other items such as the level of customer service provided, avoiding long/specified length term contract, and the knowledge level of the merchant service provider are all important factors to consider when selecting the best credit card processing company for you and your small business.

 

 

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