Get The Best Deal on Merchant Account Services for Your Business

I often get asked,”How do you get the best deals on merchant account services for my business?”
1) In order to get the best deals on merchant account services for your business you first have to know what to look for in a good merchant account service provider.

Most merchant account providers want to keep as much profit as possible and think that they can do this by bullying you, so they will not be upfront with you. It`s an adversarial position that they hold. If you get a sense of this, because they are dodging your questions, giving you one-liners to your questions that don`t tell you anything, or they keep giving corporate-babble answers that make you feel dumb if you ask more questions, then run away! If they are not generous in giving you free information and just not meeting you at your pace, then run away!

A good merchant account service provider will be consultive in manner and an advocate in attitude. They will answer any and all your questions, make you feel comfortable and not pressured. They will give you free articles/reports to help you make an informed decision, and will move along with you each step of the way to getting you the best deals on merchant account services for your business.
2) In order to get the best deals on merchant account services for your business you have to know a little bit about how merchant account providers operate. All the six major credit card processors have the same `buy rate`or wholesale pricing across the board, and they all pretty much have the same expenses in acquiring and maintaining customers. The difference between them is that they just structure things differently, each have different areas that they want to concentrate on, and have different margin targets.

The key is to look at the total package and don`t be focused on one thing only. Most people are stuck on the rates being the lowest, but ignore the other elements that can add up to a more costly merchant account service. Or they focus on price issues regarding the hardware, and don’t realise that service is extremely important, especially when things go wrong. You always get what you pay for.

Is getting an answer right away when you need help operating your terminal important to you?

Is getting a loaner for your terminal while yours is getting fixed, so that you have zero downtime in your business important to you?

Do you get charged after one year for servicing?

Are you going to pay monthly for your terminal for the entire life of your business?

Will you have the flexibility to switch credit card providers in the future, yet have an asset in your terminal hardware important to you?
3) In order to get the best deals on merchant account services for your business you have to know the structure of the rates as it relates to your particular business model.

Let`s say you do $10,000 each month in debit and credit card volume:

How much of that is debit? Debit costs less per transaction because it is like a money transfer from the customer`s account to your business account. If debit volume is a larger percentage of your business, then you may want to focus on transaction fees, not rates.

What is your average sale? If it is low, then you will have much more transactions, and may want a higher rate and lower transaction fees.If your average sale is high, then you may want a lower rate and higher transaction fee.

What if you get a lot of business people or tourists for your business model? If you don`t get an answer for this when you ask (I’ll tell you when we start talking), then you won`t be getting the best deals on merchant account services from the company that you are talking to!