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Picking a Merchant Account Provider

If you are looking to set up a merchant account you probably have noticed how frustrating and overwhelming it is to find the right merchant account provider for your business. A well informed merchant will make a wise decision when searching for a merchant account provider and we believe it's our responsibility to provide you with the necessary information.

The internet is flooded with companies offering their merchant account services but how do you know which company is right for you. Always remember, even if the company has merchant accounts available, it doesn't guarantee that they are your best option.

1. Stay away from banks - when looking for a merchant account, the best solution is always a merchant account provider. Banks don't have nearly as much experience with the latest technology or constantly improving internet in merchant accounts, wireless processing or e-commerce. Most merchants don't realize that banks offering merchant accounts are using merchant account providers to operate the accounts. There is no advantage of using your bank instead of going directly to the merchant account provider.

2. When choosing a merchant account provider, the first thing to do is check if they offer a trial period or a 100% money back guarantee. Merchants should be able to try the merchant account services to make sure they are right for their business and are provided with the type of service they are looking for.

3. Customer service and support - When it comes to running your business smoothly, you want to make sure your merchant account has the best customer service and technical support. Reputable merchant account providers should always have their clients needs in mind and provide 24/7 customer service and support at no additional charge.

4. Always check their fees - Merchants are always trying to save money and merchant account fees can quickly add up. Always look for the lowest cost but remember to be careful of offers that are too low as there may be a catch. If a provider's fees are much lower than everyone else, they are most likely teasers, have hidden fees or may go up after a certain period of time. Some other fees to watch out for include application fees, setup fees, installation fees, programming fees or annual fees. Those are all services that should be included with you merchant account.

5. Equipment - Don't get tricked into paying extremely high equipment prices or leases. Merchants don't have to pay more than the cost of the equipment and good merchant account providers offer free terminals and software.

6. Ask Questions - It's your responsibility to make sure the merchant account services all of your business needs and if you don't ask, you won't know until it's too late. Make sure the merchant account company is clear about their policies and process. Find out if your provider allows accepting international credit cards if you know you will be processing a lot of international transactions. If your business is considered as high risk, find out if the processor will keep back a reserve fee to insure against chargebacks. Check into monthly volume caps before signing up and make sure you won't have one associated with your account or you may end up in the middle of the month an unable to accept anymore credit cards.

7. Always check how long the company has been in business and what other services are included with your account. Good merchant account provider will offer good 24/7 technical support by phone and email, provide with training, online reporting, well organized and accurate deposits and statements.

Be cautious in your search and pick the provider that meets all your business needs and is committed to evaluating each merchant account and designs a custom credit card merchant account processing approach that meets your specific requirements in the most cost effective manner possible.

Merchant Guide