Merchant Account Holders, Place These Crucial 7 Items on Your To-Do List
A merchant receives a billing statement and the rates do not reflect the fee schedule that was outlined. Another merchant receives the news that her funds are being held until the transaction’s authenticity can be verified and bank statements collected to ensure that she can cover any potential customer dispute or chargeback. Another business owner learns that his merchant account has been closed due to inactivity and excessive rejects.
As a merchant account agent for over the last decade, I have heard and witnessed the aforementioned scenarios and quite a slew of others – most of which could have been prevented by an enlightened merchant who researches the merchant account field before opening a merchant account and looks over the contract before providing a signature. Of course, it is also imperative to sign with a merchant account provider, noted for honesty, integrity, and full disclosure. But the purpose of this article is to outline steps you can take to avoid potential merchant account minefields.
1. Know Thy Rates
Before calling a host of credit card processing companies and asking about their fees, you should take some time and learn about all the possible fees. (more…)
Businesses often make the mistake of only looking at merchant account rates when evaluating companies that offer merchant services. This is not a good way to evaluate competitors because it does not take into account if there are termination fees, the level of customer service they offer, and the choices and requirements for POS equipment. Charge.com and Merchant Warehouse will be evaluated to show the importance of a proper evaluation of a company.
Hidden termination fees make changing merchant accounts painful. When a service has not worked out, no one wants to have to pay to get rid of it. Some merchants charge up to $1,000 for early termination. Cancelation fees are used by companies to make clients feel like they are locked into the service. Termination fees are a sign that a provider does not believe they offer a good value to their clients. Both Charge.com and Merchant Warehouse do not charge termination or early cancelation fees.
Customer service is important with a service that is vital to company’s ability to operate. The hours of availability and how support is contacted is different with every service. Business that have late or extended hours can end up not being able to get support when they need it. Charge.com has 24/7 phone support. Merchant (more…)