Important Considerations When Shopping for a Merchant Account

Re-Publish this Article

<h1>Important Considerations When Shopping for a Merchant Account</h1><strong> Author: <a href='http://www.articleseen.com/profile_zabel9.aspx'>zabel9</a></strong><br /><p>Ready to accept credit cards at your business? Then it’s time to look into choosing a merchant account provider. Offered by a wide variety of private companies, banks, and other financial institutions, a merchant account provider is your key to allowing credit card transactions and helping your business grow to new heights. With hundreds of merchant account providers willing and eager to get your business, your search can be a time-consuming undertaking. But by understanding some of the features of merchant accounts and what to look for during your search, you can reduce the time it takes to locate the perfect account provider that will offer the services you need to expand your business and attract new customers. Consider the following points as you conduct your search. • Look for a provider that has a wealth of experience in serving businesses of your type. Don’t choose a provider that has little or no expertise in serving similar types of business owners. And make sure they have experience in the type of account you’re interested in – for instance, retail, Internet, mobile, or mail order/telephone order (MOTO). • Make sure they’re reputable. Check with the Better Business Bureau for any complaints made against them, and search online for reviews by current or past customers. • While you’re searching for reviews, look for comments about their level of customer service and technical support. Check their customer support levels for yourself by calling them and emailing them with questions about their account services, and judge how courteous, timely and accurate their responses are. Also look for a company that offers extended hours for customer support and technical support, as well as one that offers a toll-free number for its customers. And ask if their representatives are available online or via telephone during the first days after your account is open to offer training in using the equipment of software. • While customer opinions may be subjective, rates and fees are concrete elements that can be more easily compared. Fees can vary dramatically among account providers, so it can pay – literally – to keep a chart of the fees charged by the providers you’re considering. When you’ve identified a few companies that appeal to you, ask them for a copy of their merchant account agreement. This contract will specify all of the fees you can expect to be charged over the life of your account. Be sure to look for hidden fees or excessive fees with stringent requirements. One of the most common tricks some less-than-reputable account providers include is an early termination fee that requires you to maintain your account for a long period of time – often three or more years. If you cancel your account during that time period, you can be charged a hefty early termination fee. Your contract with your account provider is legally binding, so be sure you review it thoroughly, and ask your account provider to explain any terms, clauses, or fees that you find confusing. Also beware of accounts that offer fees that are significantly lower than other account providers. Unusually low rates are often an indicator of hidden fees, and tend to go hand-in-hand with very low levels of customer service and technical support. • Will the account provider allow you to buy your terminal, or must you lease it? Retail establishments need a point-of-sale, or POS, terminal to complete transactions. While a lease may seem like a good deal, over time, purchasing your equipment can make much better financial sense. Ask if you have the option to purchases, or if you are required to lease your equipment. • Ask about account caps. Some merchant account providers will charge a fee – sometimes substantial – if you have a monthly sales volume that significantly exceed your normal monthly average. Others will refuse to process transactions once your monthly average is reached. You want to ensure that your account provider never limits the amount of transactions your business can process each month, and that they are flexible in assessing fees when sales exceed the monthly average. • Consider your global needs. If you plan on allowing international customers to place orders, be sure your account provider is able to handle those transactions, and ask about any added fees for doing so. • Finally, many reputable merchant account providers offer a money-back guarantee during a specified period of time after the account is open. If possible, choose a provider that offers a guarantee; not only will it afford you peace of mind, but offering a guarantee indicates the merchant account provider is certain their services will please most – if not all – potential customers. The search for a merchant account provider can be complicated, and it is definitely not a task to be undertaken lightly. Devote the time necessary to research your options carefully, and choose the account provider that can help you and your business grow and thrive.</p><strong>About the Author:</strong><br />Karen Zabel is a freelance writer who writes about <a rel="nofollow" href="http://en.wikipedia.org/wiki/North_American_Bancard">North American Bancard</a>.<p> Article Source: <a href='http://www.articleseen.com/Article_Important-Considerations-When-Shopping-for-a-Merchant-Account_11195.aspx'> http://www.articleseen.com/Article_Important Considerations When Shopping for a Merchant Account_11195.aspx</a></p>

Article Source : http://www.articleseen.com/Article_Important Considerations When Shopping for a Merchant Account_11195.aspx

Keywords : North American Bancard, Merchant Services,

Category : Business : Business