How to Find the Cheapest Merchant Account Available

Business owners searching for a merchant service provider have a wide variety of companies and factors to consider. Merchants looking for additional reviews on credit card processors and ways to find the best merchant account for their small business should focus on these 4 main criteria before making their decision.

Credit Card Processing Rates: The credit card processing rates that merchants are charged on their transactions are determined by a multitude of factors. Is the credit card present at the time of the transaction?/Is the credit/debit card a rewards or business card?/What type of goods/services are being provided? – These questions as well as others are directly related to the rates a small business owner will be charged. The floor rates are set by Visa/Mastercard, ho however credit card processing companies add additional margins onto those base rates, as a result finding the best merchant account provider can be the difference between paying margins that are far in excess of what you could be paying.

Dues/Fees Assessed: In addition too their margins, merchant account providers have also found that by assessing monthly minimums and assessing merchants with other dues and fees they can further increase their profits. If a merchant is not careful and knowingly/inadvertently sign a specified length contract with a merchant account provider that you do not fully trust, they could find that despite low rates, they are actually paying significantly more money than they should be.

Customer Service: While the cost is important, the level of service that you receive for your costs can play a major role in determining the actual lowest cost credit card processing option for you and your small business. The financial ramifications of signing with a low cost merchant service provider only to have your processing system fail and lose a day/week/month of credit card processing due to issue with your merchant account, can directly impact your bottom line.

PCI Compliance/Application/Cancellation Fees: There are some merchant account providers that continue to charge application fees, merchants should avoid these service providers at all costs. Also small business owners need to review their contracts as well as their statement of rates and fees, to identify credit card processors that have contract cancellation fees, and excessive PCI Compliance fees.

If you are looking for additional analysis on any of these categories as they relate to a distinct merchant account providers, offers comprehensive analysis on the top rated merchant services for smbs.

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