Often I speak with small business who are singularly focused on finding the lowest cost merchant account for their company. As I have laid out in my credit card processing advice section, this is a dangerous tactic – as sadly unless you are extremely well versed in the industry, and the tactics/terminology used by merchant account providers the odds are that you are being sold a low rate on a credit card type/transaction that you business will never see. When the statement comes it will be percentage points higher than you assumed and now that you are under contract you have few options available.
This danger along with the fact that not a single small business that I have worked with has ever said they really cared about what rate they were being charged when their credit card terminal stopped working, and they tried to call into support. In those moments how much would it be worth paying extra to know that when you call a customer support line, someone will be there to pick it up.
If you are reading this page you are likely one of those businesses searching for the “cheapest merchant account” possible, and really isn’t that what every small business owner deserves. Sure credit card processing is a service but just as you don’t overcharge your customers through misinformation or holding them to contracts; neither should your credit card processor.
All hope is not lost however and you can indeed find and work with merchant account providers that treat their customers correctly. More importantly by familiarizing yourself with some simple tips to accepting credit cards – you can enter your negotiations with a firm grasp on what you should be looking for and looking out for. Avoiding specified length contracts, sales reps that seem to not care about your specific business type and have offered rates before understanding your business, and making sure that customer service is handled in-house, are 3 of the key areas you should focus on during your phone call.
That you have read this page means that I know you are heading in the right direction, typically the small business owners that found themselves in trouble, were the ones who had done little research and signed with the merchant service provider that said the lowest number.
Good luck and please leave a comment or contact me if you have any questions that I can assist you with.
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