 Tips for Comparing Merchant Account ProvidersPublished Date: 2010-01-22 06:39:07 WorkOnInternet.com
When comparing providers, be sure to look at merchant account providers that have experience in dealing with your type of business. These providers are more likely to be helpful in resolving any issues, should they arise. They can also offer better guidance with regard to the types of services you may need, and generally are aware of any discounts or lower fees that may be available for your business. Also determine whether the provider serves the type of payments you expect to receive; that is, retail, online, mobile or phone payments. Not all merchant providers offer all types of payment options. If your business is considered high risk, be sure to choose a merchant account provider that has expertise in high risk clients. These providers can help advise you with regard to fraud and chargebacks (more prevalent with high risk accounts), and they can also advise you if it would be better for you to consider offshore banks and other types of lenders that are used to dealing with high risk businesses. By choosing an account provider with expertise in high risk accounts, your account representative can help you take advantage of lower fees and rates offered to businesses like yours. Ask about fees. Every merchant account provider charges fees, but the types of fees and the amounts can vary widely among account service providers. Here are some of the fees you may want to ask about: account setup fees; equipment fees; discount rates; transaction fees; gateway access fees; monthly minimum fees; statement fees; closeout fees; and chargeback fees. Some merchant account providers also charge an annual fee. What type of tech support do they offer? Especially when starting out, having regular and accessible tech support can be a real help in making sure your transactions proceed smoothly. Even once your account has been up and running, knowing you have access to technical support in the event of a problem can offer a huge peace of mind. The availability of tech support is one factor that can vary widely among merchant account service providers, so you need to consider how important this service is to you and your business. What equipment costs are involved? Most merchant account providers offer an option to lease or purchase equipment; however, some account providers offer only a lease option. While the low monthly cost of a lease may seem attractive at first, those monthly fees mount up over time, and most leases require a multi-year contract, meaning you must pay for the equipment even if your business closes or your change merchant account providers. In most cases, purchasing is a better idea, so look for an account provider that offers that option. What type of customer support services are offered? Like technical support, readily available live customer support can go a long way in ensuring your business continues to operate smoothly, and that customers continue to be served. Look for companies offering 24/7 customer support options. Check the local Better Business Bureau or Chamber of Commerce in the city where the merchant account company operates for any complaints that may have been lodged against the provider you are considering. Be sure to check online forums and other sources for information regarding the company’s integrity and the ease of dealing with their customer service representatives and account personnel. Many online forums are excellent sources of reviews and commentary from other business owners who may have had experience with the merchant account company you’re considering. In addition to performing your own side-by-side comparison of merchant account service providers, there are websites that have already done a lot of the legwork for you. Search the Internet for sites offering tables that provide a tabular comparison of the services offered by some of the most popular merchant account service providers. Hiring a merchant account provider and accepting credit card payments can result in significant growth for your business and a substantial increase in profits. Following these tips will help you compare the options that exist among the many merchant account providers available today. Karan Zabel is a freelance writer who writes about Merchant Account
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