merchant accounts

Rates and Fees traps in Merchant Accounts

If you are thinking about getting a Merchant Account, one thing you must know is that the process is not a simple one. Of course the actual submit details-get the account process is relatively simple but the process of identifying the right provider is long and tedious. This is because you have to put a lot of research into the selection process to avoid any hidden clauses or costs.

Start your research online. A good place to start is a representative of the provider. Listen to this person very carefully; don’t take anything they say for granted. This because a representative will always say what they have been trained to say and that is all the good things about the service and the company they work for. What you should do is read between the lines and try to identify the points that they are avoiding talking about.

For example, vendors may advertise processing rates but this could only cover Debit card transactions. For you this would mean an extra cost when Credit cards are used, because processing rates for those would be different and possibly cost more. There is also the fact that different cards have separate calculation methods associated with them as well, so this is another matter you will have to consider as well.

What all of this means, is that you should never be a victim of misinterpretation. Always strive to clarify each and every clause that is in the agreement that the vendor gives you. Don’t jump at the first vendor you find or even the first vendor that appears to have everything that suits you. Shortlist the best ones and do thorough research before you commit to a Merchant Account provider.