Q.What Do I Need To Know About Merchant Accounts?
A.Merchant accounts enable business owners to accept payment via credit card. If you are selling goods or services online and you don't accept credit cards, you may as well just abandon your website. Look into traditional merchant accounts which might turn out to be a better option than PayPal. Traditional merchant processors tend to charge less per transaction that PayPal, and they often offer complementary services, such as check-guarantee services. Thoroughly research your options before selecting a merchant credut card service provider.
Some things to compare and take into consideration include:
- Set up fees
- Equipment costs and Gateway fees
- Discount Rate
- Transaction fees (Fee paid in addition to the Discount Rate)
- Chargeback fees
- monthly minimums
- voice verification charges
- address verification charges
- monthly statement fees
If at all possible avoid renting or leasing both equipment and software. Buy what you need and avoid the 3 to 5 year monthly non-cancellable lease payments which will add hundreds, if not thousands, to your overall costs./p>
Be sure to carefully read the application forms and final contract, including all of the fine print. Often times what you have been told, isn't exactly true.