Knowing what to ask before deciding to hire a merchant account provider will save you a lot time, and there are a number of specific questions that are best to know the answers to before you start. Understanding these things eliminates the possibility of being caught off-guard by by unpleasant things and they can be asked when comparing credit card processors. Whether you are choosing between Merchant Warehouse, Elavon, or any of the other top providers in the world the following advice should help you narrow down which best fits your needs.
When comparing merchant accounts, a good place to begin is with the fees. Contrary to what you may first think, low fees tell business owners that some merchant account providers may have hidden fees they are not being honest about. Since the credit card companies are charging every credit card processor the same floor rates, merchant account providers should be charging their clients comparable amounts; they will need to mark up the price above what they are charged in order to make a profit off of these transactions. If a merchant service processor is charging much lower than everyone else, they still will have to pay the credit card companies their fees and they will earn back their profits by charging extra fees to their clients.
In choosing a merchant processor, we should also be cautious of the provider’s advertisements that can be misleading or purely dishonest. If they are not being honest with their ads, it is most likely that they will not care about their customers later on. It is always advisable to check and research the processor, especially if they are using convincing blurbs like, ‘Lowest Rates Guaranteed’, ‘$500 Cash Reward if you can find a Better Lower Rate’, and many others in which some are obviously just a gimmick. We should remember that Visa and MasterCard regulations require a company should disclose who their sponsoring bank is if they are mentioned in the website.
The times when problems arise are when business owners will need good customer service. When comparing different processing solutions, owners can try calling their customer service people to see if they have actual live people answering their phone lines. You should also find out if they have a toll-free number and what their hours are. They may even give potential customers the names and numbers of current customers so they can inquire as what their service is actually like.
With these basic tips, it will be a lot easier to investigate and compare several merchant account providers. Choosing the right processor that will best suit your company’s needs will surely make a great impact in the company’s future. I hope you found these tips useful and have great success in selecting the best merchant account for your company.