-----------before you switch your merchant account-------must read

Discussion in 'Articles & Tutorials' started by Frankers, Jul 17, 2012.

  1. Frankers

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    Jun 8, 2012
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    If you are a business owner and you are switching your merchant account or you are just attaining one, this post will really help you out. I am going to give you great tips on how to pick the right company so you don't end up paying way to much like many other business owners. Before I give them to you, I really suggest you do your due diligence and not just take my word for it.

    1) Make sure the company has an A rating in the BBB(better business bureau). To get a great rating a business has to have many positive reviews with little negative. On top of that, they have to have a high resolution rate, showing they take care of consumer complaints quickly. I heard a business owner once signed up with the wrong company and they held a batch of $8000 for 30 days just because she canceled her account. Can you imagine trying to keep a business afloat and not have access to that?The whole process she went through could have been avoided if she would have seen all the negative reviews posted online about the same shady process that others went through.

    2) Make sure you sign with a company that has a no contract policy. I mean why would a company need for you to sign a contract binding you for three years if they are fair and have a high customer retention rate? Think about it. How many random fees can they charge you if you are stuck with them for 3 years? Always ask if they have a yearly contract agreement and if they say yes you should pass.

    3) Make sure you do your due diligence with the fees that the company is offering. Believe it or not, many fees can be waived and are negotiable. Such fees include, yearly fees, signup fees, and some monthly fees are negotiable.

    4) Do your due diligence on the discount rates. Some companies offer one standard discount rate with all credit cards. What they don't tell you is that each credit card has a different set rate.That means they have to give you the highest rate with the highest standard credit card while you are paying way too much with other credit card companies. For instance, they may give you pay a 2.5% rate for all credit cards but that is only normal for American Express and not Visa or MasterCard. Make sure they break down the rates credit card by credit card i.e....MasterCard, Visa, American Express, Discover.

    5) When getting a new machine make sure you ask for the free equipment program. Sometimes I see people leasing equipment for $49 a month for 4 years when the equipment only costs $600. I guess there is a trade off there but be careful with this. I guess leasing is an option if you are really tight on money and can't afford the $600. Nevertheless, you should ask for free equipment and if the company wants your business enough, they will offer it for free.

    If you have any questions, please pm me. I also provide business loans if you are interested and merchant accounts. Thanks

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