When you’re ready to start processing credit card payments, you’ll need to choose a merchant account provider. Not all providers are created equal, so it’s important to do your research before selecting one. It’s also a good idea to compare rates and fees from multiple providers before making your decision. Here are a few things to look for when choosing a merchant account provider.
1. High risk or low risk?
The first thing you’ll need to determine is whether you’re considered a high-risk or low-risk business. This designation will affect the fees and rates you’re charged. High-risk businesses are typically charged higher fees because they’re more likely to have chargebacks or fraud. Low-risk businesses, on the other hand, are less likely to have these issues and can therefore get lower rates. While a high-risk payment gateway can certainly cost you more in the short run, in the long run, you may be able to negotiate lower rates if you have a good track record. It’s important to speak with your provider about this before signing up.
2. What type of payments do you accept?
Not all providers can process all types of payments. For example, some only accept credit card payments, while others can also process ACH payments or e-checks. If you plan on accepting more than one type of payment, make sure the provider you choose can accommodate all of your needs. Additionally, you’ll want to make sure the provider can process payments in multiple currencies if you plan on doing business internationally. It’s also important to inquire about any transaction limits that may be in place.
3. What are the fees and rates?
When you’re looking for a merchant account provider, be sure to ask about all of the fees and rates that will apply to your account. These can include things like setup fees, monthly fees, per-transaction fees, and more. Be sure to get a detailed breakdown of all the fees so that you can compare apples to apples when shopping around. Additionally, be sure to ask about any variable rates that may apply, such as a higher rate for international transactions. If you’re not clear on any of the fees, don’t hesitate to ask for clarification. It’s important that you understand all the costs associated with your account before signing up.
4. What kind of customer support is available?
When you’re looking for a merchant account provider, it’s important to find one that offers excellent customer support. You want to be able to contact someone if you have any questions or problems with your account. Make sure to find out what kind of customer support is available before you sign up for an account. Find out if there is a phone number you can call or if you can only email customer support. It’s also a good idea to find out how often customer support is available.
Choosing the right merchant account provider is an important decision for any business. Be sure to do your research and compare rates and fees before making your decision. Also, be sure to inquire about customer support options in case you have any questions or problems down the road. Following these tips will help you choose the best provider for your business needs.