The Top Ten Items To Consider When Using A Merchant Service

Merchant Service
Merchant Service

A merchant account is your financial partner. You need to know that there is a specialist who is in charge of your account and knows your business. Merchant account services need to be your business banker; not an automated system that asks you to click through a menu to get your questions answered.

1.Credit card processing equipment is not as expensive as most merchants think and it budget wise to purchase your own equipment. Leasing equals service fees and interest; purchasing is only one outlay.

2.Use a merchant account service rather than a bank. A bank actually uses a third-party merchant account. Go directly to the source rather than use a fee-based middleman.

3.Always read before signing a contract. Knowledge is power and when you do not read a contract you are jeopardizing your company. Make sure there is no cancellation fee and no long term agreement. There are many credit card processing companies and you can find good companies that have affordable rates and no contract.

4.Stay away from tiered pricing. Ensure that your merchant account by requesting a set rate. You should only see a rate change when Visa or MasterCard raises their rates.Interchange plus pricing is pricing plus set fees. Tiered pricing rounds fees to the advantage of the merchant account provider.  Stay away from tiered pricing.

Merchant Service5.Your merchant account service provider should provide a way for your business to remain Payment Card Industry secure (PCI). You will be fined if you are not compliant.

6.Choose the right solution for your merchant needs. Avoid having a different provider for you brick & mortar store and your online store with a third party gateway between them. You will save a great deal of money and have less hassle if you find a provider will handle all your accounts for one fee.

7.Merchant account providers love to charge fees and pad your bill. A good merchant account provide will not process sign up fees, monthly minimum fees, minimum transaction size or monthly maintenance fee.

8.An Independent Sales Organization (ISO) is a merchant account specialist with the ability to adjust rates and fees, sign clients up for direct merchant accounts and utilizes FDIC insured transaction. This reduces your costs.

Internet Payment Service Provider (IPSP) processes payments has the ability to process internet payments. There are higher fees for businesses because there is no bank assuming the risk.

9. Merchant accounts are basically bank accounts that allow a business to agree to payments by debit and credit card. A payment gateways are ecommerce application service providers that authorize payment for an online business.

10. Use merchant services provide that has a “live” support system. This is your money you are risking and an automated system is not a comforting protection.

Finding the right merchant account provider takes research and time. will provide you with a list of providers who are verified to help your business grow and your debit and credit card transactions are secure.