A quick online search using the terms “merchant account” or “credit card processor” will show you just how numerous the options have become. Don’t make the mistake of choosing the first company you see. Instead, learn what separates high quality merchant services from an inferior and costly one. When shopping, always consider the following:
- No cancellation fees – Many merchants will charge anywhere from $250 into the thousands if you terminate your contract early. Don’t get locked into a trap like this. Before signing anything, request that these fees be waived. If the company resists, go elsewhere.
- Interchange-plus processing, not multi-tier – This fee structure guarantees that you only pay the processing fee and a set service fee that goes to the merchant, with no hidden costs.
- Do your homework – Studies suggest that entrepreneurs find the best deals when they carefully compare and contrast at least five different merchant companies. Also, don’t be afraid to let all of them know that you are actively examining several options.
- Smooth application process – A top shelf merchant account will be easy to apply for and establish. Don’t waste weeks on pins and needles awaiting an answer when many premium companies offer free electronic setup with approval ratings of over 95 percent.
- Expect excellent customer service – It is more than reasonable that your credit card processing company have staff readily available to courteously and knowledgeably answer your questions and explain how to use their equipment. And speaking of equipment, you should not need a PhD in engineering to use it. Make sure you find options that are intuitive.
Your credit card processing company is a vital link in the chain of your enterprise’s success. That’s why it is vital to find one that fits your needs, is trustworthy and features transparency in its cost structure. After you have settled on the merchant account provider that’s just right, you can get back to the important business of running your company.