The number of payment service companies is currently on the rise, and as a result, acquiring a merchant account is no longer that much of a challenge for most businesses. Many firms offer fast and easy online-based applications; whose approval takes place in only a matter of days.
However, the process of opening a new account is often marred by pricing technicalities. Negotiating for fairer rates is never easy, and merchant agreements are a bit too complicated to understand. Consequently, many traders end up dissatisfied with the services they get from their processors.
To that effect, below are some tips to help you get the most out of your merchant account.
Some merchants will be swayed into doing business with a budget-friendly payment processor, only to be later caught by surprise when the monthly statement comes bearing unforeseen charges.
To elude the frustrating and financial losses that come with hidden fees, read the terms and conditions of the contract carefully. Demand for a list of all the fees your provider might charge and watch out for names like application fee, setup fees IRS fees, statement fee, etc.
Some might sound essential but are actually just a means for the firm to get more money out of your business.
Your processor of choice might be transparent, but if the rates charged are too high to justify the services rendered, it might be time to consider another firm.
When opening an account, therefore, request the merchant services company to elaborate as much as possible on pricing. Relate the fees to known industry standards, and don’t be afraid to negotiate where you can.
On occasion, the merchant accounts provider may try to woo you with a bunch of additional features, some of which have no use to your business.
To avoid being billed for services you’ll never get to implement, identify your business needs and ask the processor to base the features of your account around them. A company like eMerchantBroker will be ready to use your ideas to craft a payment servicing account that is tailored specifically for your business.
As the holder of a merchant account, you’re entitled to quality customer service.
An account provider may claim to have great support but to be safe, get a name, an email and a direct phone number to an actual customer service staff member, who will be ready to handle your problems at all times.