Selecting the Right Merchant Account Company

Partnering with a trusted credit card merchant account processing service provider is essential. Since you might be confronted with a number of choices, here is a guide to help you select the right merchant account company:


Terms & Conditions.

To make sure that you will not be subjected to hidden costs or unfair changes with the terms after you sign up for the service, take the time to read all the statements in the contract. Remember, all the fees and conditions must be disclosed in the agreement.

Some processors may impose a cancellation fee to discourage a customer from requesting early termination. A business owner must always ask for this fee to be waived before signing up the contract. A company that provides quality service should not be afraid that a customer may cancel the account.

Since contracts are binding, you should not sign the document if there are terms or clauses that seem vague or unclear. For example, you should be clear about the company’s policy in case of charge backs or customer disputes.

Credit card processing companies usually demand a reserve fee, which serves as a security in case of charge backs. As a merchant, you should know the rules about how long the reserve fee will be held and when it will be released.

Technical Competence. Not all merchant account providers are specialists in processing credit card payments. It is recommended that you choose a company that is not only reputable but technically competent as well.

This way, you can make use of the best of technology to ensure the quick, convenient, and secure processing of credit card payments.

Rates & Fees. Discount rates and fees vary from one merchant account company to another. You can use the internet to find out what each company offers and compare the payment structures as well as the provisions included in the package.

Payment transfers. One of the biggest advantages about having a dedicated merchant account is the quick transfer of payments. Funds should be deposited into your merchant checking account within 24 hours or 2 days at the most. See to it that your chosen merchant account company can deliver in this particular aspect.

Customer service. Does your credit card processing company offer 24/7 reliable customer support? This provision is very important especially if you encounter a problem with a transaction. You should be able to get the assistance you deserve anytime you need it.

Do you have merchant account processing tips that you want to add?  Please feel free to share it by leaving a comment.

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About the Author:

Melanie James has spent the last 14 years working with businesses to implement quick, effective and inexpensive changes to their businesses to increase productivity and their bottom line.

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