| Which would you prefer to do? Spend a bunch | | | | that the rate is single, locked-in, and |
| of money accepting credit cards through a | | | | non-changing. If it's on a sliding scale, or |
| great merchant account - or spend | | | | can be altered without notice - run, don't |
| significantly less for a fantastic merchant | | | | walk... |
| account that boasts identical features and | | | | |
| services? | | | | 3. Free Equipment Offers - their return |
| | | | policies on the equipment are the most |
| Well, unless you have recently had a serious | | | | important to find out in this respect - for |
| blow to the head, I am sure you would rather | | | | example, if the equipment is "damaged" at |
| pay less for the identical features. Any sane | | | | all, many times you are liable to substitute |
| person would agree. | | | | it at full market value - this can be |
| | | | extremely costly.... |
| Unfortunately, in the merchant industry, it | | | | |
| is not always as easy as comparing "A" to | | | | Now that you have that rudimentary |
| "B". There are a plethora of diverse billing | | | | information, to get the best possible credit |
| structures, charges, and fees that make it | | | | card processing rates shop many different |
| very difficult to understand just how one | | | | companies. The options are plentiful, and |
| service stands up to another. | | | | pricing plans and incentives are available |
| | | | for setting up a merchant account - each one |
| So why don't we see how to find, compare and | | | | highlights a specific facility. Finding out |
| choose the ideal merchant account for your | | | | which one suits you the best is to your |
| unique small business... | | | | advantage. Some companies waive the |
| | | | installation fee, but others have a one-time |
| To start with, you have to locate a minimum | | | | overall fee and throw in other facilities at |
| of 3 separate financial institutions - these | | | | no charge. Each provider charges a discount |
| could include a bank or credit union who can | | | | rate, ranging from 1% - 5% and up, based on |
| sign you up for their merchant account. Also, | | | | the type of account. A transaction fee, |
| you should locate different merchant | | | | ranging from $0.05 to $0.25, is generally |
| providers by utilizing Internet search tools | | | | included. |
| that provide particular benefits. There is a | | | | |
| standard approval procedure that both the | | | | If you want to get the best deal on credit |
| banks and the merchant services use. The | | | | card processing rates, you will have to do |
| following information will be required in | | | | your homework well. Thoroughly search for the |
| order to process your application: | | | | best priced terms and conditions - but make |
| | | | certain the company has a good reputation. |
| 1. A business plan that is feasible, | | | | You certainly don't want to get stuck with a |
| | | | company that is lacking in the customer |
| 2. A credit history free of significant | | | | service department, particularly when your |
| blemishes, and | | | | money is on the line! |
| | | | |
| 3. Proof that you are able to pay (and have | | | | Things to consider when looking for a good |
| to ability to continue to pay) the charges | | | | merchant services company include your |
| related to a merchant account. | | | | average number of transactions per month, |
| | | | your profit margin, your average order size, |
| It of great benefit to you to research the | | | | and number of times you will be taking credit |
| ins and outs of the fee structure charged by | | | | cards from your customers. Obviously, |
| each of your potential merchant services | | | | retailers with a lot of volume will focus on |
| companies and/or banks that supply merchant | | | | lowering their discount rates and |
| accounts. There are many providers who fail | | | | per-transaction fees as much as possible more |
| to fully disclose their terms and conditions | | | | so than their monthly fees. Conversely, small |
| until you actually sign up for the account - | | | | and micro-businesses with a bigger order |
| so you might need to ask them for a copy of | | | | size, but smaller transaction volume are able |
| their "T&C". This way you are able to | | | | to be a bit more flexible with the discount |
| understand just how much it will truly set | | | | rate and transaction fees. They turn their |
| you back to use that account. In any case, | | | | focus primarily on lowering monthly/minimum |
| make certain that you totally comprehend the | | | | fees. |
| terms and conditions before going with that | | | | |
| company. | | | | In any case, discuss the subject with your |
| | | | peers in your industry and contrast their |
| Things to look out for are: | | | | opinions with the research into your |
| | | | prospective merchant providers that you have |
| 1. Charges to cancel (how much, details, | | | | done on your own. Taking credit cards should |
| contract duration) | | | | be a good money making choice if you decide |
| | | | to use the right service. |
| 2. "Variable" or Introductory Discount Rates | | | | |
| - the discount rate is the largest component | | | | Just be sure you double-check all those terms |
| in deciding just how much the true charge | | | | and conditions! |
| will be to accept credit cards. Make certain | | | | |