Selecting the Right Merchant Account Company
Partnering with a trusted credit card merchant account processing service provider is essential. Since you might be confronted with a number of choices, here is a guide to help you select the right merchant account company: Terms & Conditions. To make sure that you will not be subjected to hidden costs or unfair changes with the terms after you sign up for the service, take the time to read all the statements in the contract. Remember, all the fees and conditions must be disclosed in the agreement.
Some processors may impose a cancellation fee to discourage a customer from requesting early termination. A business owner must always ask for this fee to be waived before signing up the contract. A company that provides quality service should not be afraid that a customer may cancel the account.
Since contracts are binding, you should not sign the document if there are terms or clauses that seem vague or unclear. For example, you should be clear about the company’s policy in case of charge backs or customer disputes.
Credit card processing companies usually demand a reserve fee, which serves as a security in case of charge backs. As a merchant, you should know the rules about how long the reserve fee will be held and when it will be released.
Rates & Fees. Discount rates and fees vary from one merchant account services to another. You can use the internet to find out what each company offers and compare the payment structures as well as the provisions included in the package.
Payment transfers. One of the biggest advantages about having a dedicated merchant account is the quick transfer of payments. Funds should be deposited into your merchant checking account within 24 hours or 2 days at the most. See to it that your chosen merchant account company can deliver in this particular aspect.
Customer service. Does your credit card processing company offer reliable customer support? This provision is very important especially if you encounter a problem with a transaction. You should be able to get the assistance you deserve anytime you need it.