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 Choosing
the right merchant account provider is one of the most critical
business decisions you will make.
Don't be misled by just a single item of low fees. It is
important to add up all the fees and charges before you
make a final decision. A merchant provider that offers a
low discount rate may look to make money elsewhere, from
bloated application fees to statement fees.
The right choice for you will depend on several factors:
- Are you selling online or offline?
Online and mail-order merchants can expect to pay a premium
because credit card fraud is more common on the Web than
in a retail store.
- How high is your sales volume?
The initial costs of opening your own merchant account
is usually higher than when you use a third party merchant
services. If you only make an occasional credit card sale,
third party merchant
services are a simple and inexpensive option.
- What's the nature of your products?
If they are large and expensive, perhaps you ought to
choose a merchant account provider that offers a higher
flat-rate transaction fee and minimizes the discount rate.
The opposite is true if you rely on small, high-volume
sales.
Understand the provider's fee schedulesMake sure to figure
out what kind of fees and charges your provider collect and
what they will cost you. It is important to understand there
are monthly fees as well as set-up fees. When looking for
a provider, try to balance the discount rate and per-transaction
fee with your needs.
In particular, look for the following fees and rates:
- discount rate
- application processing fee
- setup fee
- monthly limits
For more information on fees, go to Fees
and Rates page. Important things you should consider:
- Did you understand the fees and rate policies?
- What is included in the setup fee and standard service?
- How much is this going to cost, and what is the fee
structure?
- What is the performance and reliability of the service?
- What kind of support will you receive?
To select your merchant service provider:
Go to Merchant
Account Providers page.
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