By datto
I probably get a few Business Owners a week who respond to a detailed merchant account quote that I email them w/ ‘what a great deal so and so company is offering’ without wondering “why does this deal sound so good compared to other ones?”
Transparency (as you’ll see in this example), Track Record (do they have any Happy Customers?) and Competitive Pricing (fair, not rock bottom) are the three most important things to look at when looking for Merchant Services for your business.
Here’s a great example to illustrate what Point of Sale Companies are leaving out of their quotes to appear ‘CHEAPER’. Name is changed in this example.
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By datto
When I was sending an email to a Business Owner today letting him know about our new Referral Partners Program, he sent me this reply below after I clarified how the program works. He brought up a good point about getting a Merchant Account.
“OK I understand but we don’t even have a terminal as you require credit to accept credit cards which makes no sense in my opinion but that’s here nor there I guess. I will pass on your name to anyone I know.”
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By datto
What are the 10 Things that Credit Card Payment Processors consider when you apply for a Merchant Account?
1 Any past bankruptcy?
2 Any late or missed payments on bills/ debts. What’s the frequency of these actions?
3 Any large amounts of consumer debt? Over extended?
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By admin
Here’s some great info on understanding terminology in regards to merchant accounts. Other names for the service to Businesses so that they can accept and process credit cards from their Customers in order for the Customers to purchase the businesses’ product or service: Merchant Services, Payment Processing, Merchant Processing, or Payment Acceptance, but Merchant Accounts is the most widely used term.
By admin
Please take a look at my ‘Squidoo Lens’ Article’: