Saturday, May 31, 2008

Tips to help you Decide on the Best Merchant Account for your Business

Tips to help you Decide on the Best Merchant Account for your Business
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As a business owner who is deciding to expand into the e commerce industry online, you need to have a reliable merchant account. As there are many merchant account companies providing service you must make your decision with careful consideration.

Many merchant account providers insist that you lock into a lengthy contract regardless of whether you end up liking the service. As you do not want to be paying for a service you do not want at the same time as having to pay for the replacement, this must be a matter that is researched in depth.

There are several helpful tips to take into consideration when researching merchant account providers. Depending on the size and type of business you have, you may have varying needs in regards to providing e commerce choices to your customers.

If you are a relatively new business or a small business with limited funds you may want to consider using PayPal or 2Checkout as your merchant account provider thus enabling the use of credit card processing.

Many small business owners who process up to $1000 per month in credit card payments find the low fees charged by PayPal and 2Checkout are extremely reasonable. If you are considering processing more than $1000 per month in credit card payments, you may want to look into other vendors. When you are doing so, be sure to check each vendors discount rate and the per transaction fees involved.

Although fees vary from vendor to vendor, the discount rate refers to the actual percentage of the sale that the merchant account provider will keep. There is normally a separate rate for swiped and non-swiped transactions. Fees for every processed transaction range in price on average from 10 cents to 99 cents per sale.

If you plan to process smaller credit card payments of under $25, you may want to consider choosing a vendor who offers a higher discount fee with a lower per transaction fee, as this will most likely save you money in the end.

There are many other things to consider when looking for the right merchant account provider such as monthly statement fees, gateway fees, annual membership fees, equipment rental fees, batch fees, cancellation fees, and the length of contract required.

Merchant account services have improved over the last few years providing business owners lower fees, short-term or even no contract options as well as customizable account features. With many e commerce service providers competing in an effort to attract new clientele; the competition often results in lower fees and a better overall service.

When thoroughly researching several merchant account providers, taking the time to compare the pros and cons of each vendor will allow you to more easily come to a decision on the best one to use for your own business needs.

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