Merchant Account Processing - A Guide To Choosing The Best Provider
Merchant account processing is crucial for every business. However, qualifying for merchant accounts is a different story. It involves the third party credit card processing party investigating your business for legitimacy and financial stability as such accounts involve some amount of risks. That being said, it is also important for you to take all necessary steps to ensure that the credit card processing company you choose is the real deal. Here are 4 important steps to ensure just that.
1. Get It In Writing: If promises made verbally are good enough, they are better written down in ink. Merchant account processing companies have a habit of billing you with fees that you didn't even know you had to pay! When you have the fees written down in black and white, you know what to pay and thus, protect yourself from hidden fees that could spring a nasty surprise.
2. Compare, Compare: You must compare the merchant account providers on some specific parameters that include fees, rates, and their experience in dealing with a business of your nature. Look around. Research. Search the Internet. Don't just opt for the very first provider you talk to. Keep your options open and negotiate to get the most competitive rates. Remember, a merchant account processing company that specializes in your business is likely to offer you good services.
3. Funding Time: Every company requires time to transfer funds to you. Some take shorter, some longer. Check with the various merchant account processing providers how long they'll take to transfer the funds to your account and get it down on paper. Getting the money into your account is one of the most important things for you and your business and you don't want to be left in lurch, waiting for the money to come in.
4. Check The Contract: Never sign the contract before reading and understanding it. If you are confused, get a corporate lawyer to look it over. Make the lawyer explain the terms of the contract to you. After all, you don't want to sign a contract if you can't benefit from it! Such a mistake can cost you time, money, and sweat; things that you can use to boost your business.
Just before you make up your mind and are ready to sign on the dotted line, the last step is to get to know the company you are going to be dealing with better. Collect all the contact names and numbers so that you can quickly get your merchant account processing issue solved without having to make a customer wait.