So you’ve decided to get a merchant account that will enable you to accept online payments. That’s great news and a perfect choice to grow your business, however there are several things you should know about applying for a new merchant account, and that is what we will be taking a look at with this editorial.
Hidden Fees Are Never Hidden
Many business owners and online entrepreneurs have the wrong idea that some merchant accounts have hidden fees and are unnaturally weary of these hidden fees. Obviously, being safe than sorry is always recommended, but the reality is that no fee is really hidden. It is true however that some fees might require you to actually fully read the terms of conditions of every merchant account. This is something you can easily counter though, by fully looking into every single merchant account that you are taking into real consideration. And if you ever have questions or you’re unclear about any of their fees, simply contact them and they’ll be more than happy to help you out. Remember, merchant accounts are always looking for new customers and most will go above and beyond to make themselves as available as possible for a new potential client.
Think About Processing Volume And Average Sale
This is something every merchant account service provider you be very interested in knowing during your application. The reason is simple, these will allow them to asses the risk associated with each new account, and they will also count towards your fees. So think about how many sales you usually expect to generate on a monthly basis and the number of average sales per month. If you are just starting out and have no idea of how much you’ll be able to sell each and every month, most merchant accounts will offer an introductory level account or will work with you to come up with some realistic estimates based on your business model, your niche, your advertising budget and more.
Check Transaction Security
You must fully know the security protocols that are set by each provider, or PCI DSS. Also make sure your merchant account comes with reliable fraud screening, Gateway PSPS and chargeback protection. These might seem confusing at first, but they are indispensable and can make the difference between your business being protected and secure, or you taking high risks with the health of your online venture.
Customer Service Goes A Long Way
Always make sure the service you are picking has top notch customer service. When your business is up and running, making tens and even hundreds of sales per day, you want any issue, big or small solved as soon as possible. That is why when applying for a merchant account, take note of how fast they respond to your inquiries, how effective they are in helping you with any issue or question you may have. This will make all the difference later on!
You can now look forward to applying for a new merchant account with more knowledge and confidence. Good luck!