When starting out with a merchant account for the first time you can be inclined to feel intimidated, and rightfully so. There is a lot of information and factors to take into consideration when making this decision. So our goal in this quick start guide is to lay some of the fears of choosing a merchant account to rest, while providing you with easy to follow instructions on how to pick a good one for your needs.
Take Your Time
With this being such an important decision, our first peace of advice is to not rush it at all. Time is precious and time is money, but not spending the necessary time on this decision can prove a very costly mistake. So take the time to read this quick start guide and research into various merchant accounts before committing to one. You’ll thank us later!
Merchant Accounts Want YOU
There are so many to choose from, each with their own set of options, terms, fees and variables that make each unique in their own way. A merchant account that may work well for a fellow business owner might not be the right solution for you. But one thing all merchant accounts have is that they want YOU more than you want them. Many will throw benefit after benefit and offer after offer to try and get you to pick them instead of their competition. Use this to your advantage by getting as many as you can to send you quotes and personalized offers, special discounts and more. You’ll be surprised on the deals you’ll be able to make by understanding this simple fact. Rates and fees are never fully set in stone.
Use A Service To Help You Decide
Of course, you don’t have to do all of this alone. You can use a service such as CardFellow and let them help you in deciding which provider to go for. They’ll help you compare prices and features, get quotes for you from different merchant accounts and help you get better fees.
Some will offer contract terms and some won’t. The difference is, with a contract term you’ll normally have to pay a fee to cancel your collaboration with that specific service provider, while without one, you’ll be able to cancel at anytime free of cost. So why even consider a contract in the first place? The reason is simple: if you commit to a merchant account through contract, they’ll likely offer you much better rates and service that merchant accounts that you can cancel at any time. This is why the research part of this process is so important. Finding the right merchant account and committing to contract terms will give you the best fees and best service.
Compare ALL The Fees
Merchant account fees can be confusing, so make sure you’re extra careful in reading every little fee and all the terms and conditions of each merchant account. While some may offer big discounts on transaction fees for example, they can have higher monthly minimums or statement fees that can take a big chunk out of your profits. As always, make sure you are aware of EVERY little detail before committing to a merchant account.
Hopefully this quick start guide helped you out in better understanding the ins and outs of choosing a proper merchant account for your Online business.