Merchant Account - Buyers Guide

Business Merchant Account Checklist

Choosing the right business merchant account provider for your growing business can be a chore. Here is a general checklist to follow when making the big decision.

· Don't assume your business is going to need to take credit and debit right away. Open your business for a period in which you study how many customers ask about credit processing. Only then make a decision on picking the right business merchant account provider. Many new companies lose revenue because they assumed they will have a large demand for the service strait forward.
· Most banks or lenders have a general list of reputable business merchant account providers. They may not be the best premium value, but for most young businesses, having a reliable network, good equipment and a smooth running system can spare them crucial time for other setting up necessities.
· Once your system is installed and running, you should keep track of downtime. It happens to every business but if it becomes a chronic problem, make sure your provider knows it.
· Keep track of fee breaks. Some merchant providers offer reduced fees if you process a certain amount of cards per month. Keep a close track on your providers billing and make sure that they don’t forget to fee breaks reductions.
· Don't assume that every business merchant account includes gift card/gift certificate processing. The overwhelming majority of companies do, but there are still a few that don't and they tend to have much lower fee rates. Make sure you read the fine print before you sign on with a company that doesn't provide all of the services you are looking for.
· While it may seem a bit odd, checking what your competitors use can help you find the right provider for your market segment.

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We needed to outsource some pre-sales work to a telemarketing company and I dreaded the search process. I knew it could take days to find companies, and then repeat my basic needs to each and every one. Filling out your form and having them come to me was a huge time saver. I hired a company in a week and so far we've been very pleased with the results.

Stephen, Buyer
New York, USA