6. When looking for a merchant account provider how do I find the right one?

When first approaching a merchant account provider remember to keep in mind that each one has their own sales team and sometimes the sales team is ultimately trying to make the sale and may not mention some of the fees associated with having the merchant account. So try to be thorough with the fees and how much it will cost to have the merchant account.

Not all merchant account providers will do this and the ones listed on this site have been in business for several years so having a problem will be very unlikely. However other merchant service providers may not be upfront or honest and they are usually the newer startups who have very little experience in the industry.

Make sure that lowest price is not always the best price as the merchant account provider is handling your money. That is correct YOUR money so it is a good decision to make sure that the company has been in business for a few years and is trusted by others. Not all credit card processor sare the same or deliver the same service.

There are also processors out there that specialize in internet businesses while others specialize in retail you will want a processor that specializes in your business type. You can make the best decisions regarding choosing the right processor by asking questions. The more questions you ask the better you will understand their business process.

Keep in mind that every business is different and you should make it very clear to the processor what you are selling. You will need to make sur ethey understand what you are selling or down the road it will be quite clear they did not understand what you are selling and it could cost your business.

Another option is to search for a bankcard professional who will explain the fees, how the business works, what equipment your business will need and explain in intricate detail why. The more questions you ask the better educated you will be. There is no such thing a sa dumb question when it comes to protecting your money and making sure it is spent wisely. Make sure you read the merchant agreement and to have all of the fees explained to you.

Just because a processor can offer you the best "deal" it is worthwhile to review othe rprocessors to make sure the deal you are getting isn't going to cost your business in the long run. The difference of a 1.79% and a 1.89% on $10,000 in transactions is only $10.00. So it is best to make sure you are getting more then just a good deal but a great value.

When you do fill out an application it is first reviewed by the sales organization that processes the application they may not disclose certain information about your company to the actual processor if they think you may not be approved because of it.

Your logic and intuition in this matter will probably guide you to the right processor since it is that internal voice that knows best. Ultimately, the business of merchant accounts does continue to change and the services are improving on a daily basis.

General Information

1. What exactly is a Merchant Account and do I really need to have one?

2. What other options are available ?

3. Is it necessary to accept credit cards ?

4. When I make a credit card sale how do I get the money ?

5. Can I apply for a merchant account at a bank ?