How to Select the Best Online Merchant Account

For any business to be successful in the current online marketplace, customers need to be able to use their preferred credit cards to make purchases. If not, you may as well forget about staying in business. However, getting to the stage where you can easily process your customer’s credit card payments can be quite a daunting task. One of the most important steps of this process is choosing the best online merchant account.

First, you need to do some research. Compile a list of providers of online merchant accounts that sound attractive to you based on online reviews, ratings, or word of mouth. Find out the background of each company by using the Better Business Bureau. Find out if customers who have used these merchant account providers have made any troubling complaints.

Once you have weeded out the merchant account providers that are obvious scams, you will need to begin examining the remaining companies more closely. Compare all of them using different criteria that will determine their value to you.

For example, you should examine exactly what services each of these companies offer. Some may offer package deals that include things such as payroll services that you may find useful. Others, however, may not. At a bare minimum, you should make sure that you purchase an account that provides you with Secure Socket Layer technology and accepts all major credit cards. Good customer service is also something you should look out for.

You should also put a lot of consideration into the rates charged by each online merchant accounts provider. There is a risk that certain companies may be somewhat deceptive regarding what rates they actually charge for their services.

The fees charged for internet credit card transactions can be much more than what is charged to brick and mortar stores. You need to be careful you don’t end up paying too much. Make sure to only do business with a company that is able to provide you with the exact fee structure they use. Make sure you understand it completely and aren’t fooled by fuzzy math or excessive fees hidden in the fine print.

Lastly, you will need to examine the kinds of contracts that are offered by these account providers. The majority of online merchant account providers require contracts that can extend from two to three years in length. However, agreeing to such a contract may not be a good idea. You could go out of business or need to switch services during that time frame. Thankfully, other companies may offer shorter contracts and even contracts that roll over from month to month.

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SMB Reviews
SMB Reviews 473 posts

SMBReviews is committed to providing small and mid-sized business owners with the information and resources they need to select the best service or product for their company.

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