Whether you already accept credit cards or you are getting started for the first time, the key to getting the best merchant account involves asking the right questions.
And getting the right answers.
Why is that?
Because the number one reason why people end up in a bad contract is because they did not do enough research before signing on the dotted line.
Small Business Merchant Account Basics
Typically, most sales reps who call your business or stop by in person will quote you a single rate.
However, what you may not know is that there are multiple processing rates when it comes to excepting credit cards.
For example, retail businesses can be set up with either three-tier, four-tier or interchange plus. And Internet merchant accounts will not qualify for the face-to-face or swiped rate.
Yet, more often than not most business owners are never told this.
And most never check their processing statements to verify the rates they are paying – not that reviewing your statement makes it any easier figure out on your own.
So what can you do?
It starts by speaking with more than one provider and then asking the tough questions – and comparing their answers – with other companies that can provide you with processing services.
Here is a list of questions that you can use the next time you request merchant account quotes for your business:
- Is there any early termination fee?
- Is there an application fee?
- Are the quoted rates guaranteed?
- Am I signing up for an introductory rate?
- How long will the quoted rates apply to my account?
- Are there any additional surcharges or transaction fees?
- Are there any free equipment deals?
Probably the most important question on the list is the first one.
Why is that?
Because if you do end up with the wrong processing company it’s good to know that you’re able to get out of the deal. And since some termination fees can cost you hundreds or thousands of dollars this is a good question to ask anyone before you sign up.
If you follow this…