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