Choosing a Merchant Account

If you are new to accepting card transactions at your business and are starting the process of choosing a credit card processor, also known as a merchant account, it is important that you go about it the right way. Because much of your business will be paid in card transactions, it is important that you choose the best payment plan that you can. Here’s how you do that.

Know the Facts

Learn everything you can about a plan before deciding on which is the right one for your business. If you’ve already done the research, do more. All the information you need is out there, it’s your job to uncover it so that you don’t end up needlessly throwing away money for years to come.

It is common that you will be given a rate, say 1.29% per transaction, when you are talking to a salesmen from a processing company. This rate doesn’t mean anything. It may apply to some cards but not to all and the processing company decides which cards it applies to. This means that you could be left paying much more for the majority of the cards that are used.

The bottom line is that a lot of credit card processors are not going to be entirely upfront with you. Many use unrealistically low rates to make sales and then provide higher rates for the majority of cards; this tactic is called bait-and-switch. Others offer free terminals. The terminals are then funded by higher rates for years to come and end up costing the merchant thousands more than a terminal is worth.

Unfortunately, there is a great deal of dishonesty in the credit card business. If you’re not sure about how a processor is handling transactions, or if the information provided leaves questions, you have good reason to be suspicious. Give us a call at 800.209.2199

Ultimately, it is our goal to provide merchants with fair and transparent billing. If you decide to consider another card processor, that’s fine, but make sure you’ve got all the information you need to make sure you’re not overpaying. You’ll thank yourself in the future.

If you have any questions about our policies or even the policies of other companies, we’d be happy to talk to you. It’s our mission to give merchants the information they need to get a fair price. We would love to have your business but if we can provide the information you need to avoid being ripped off, that is a success in our book too. So give us a call and let us know about your merchant account experience. We’re happy to help.

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Call: 800.209.2199​