How to Get the Best Retail Merchant Account

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By MerchantGuide

If you are looking for a retail merchant account, there are three things to consider in order to get the best merchant account.

In no particular order they are:

  1. Equipment
  2. Rates
  3. Contract

Let's review each of these points a bit more...

How to Get the Best Merchant Account

For starters, you'll need a way to accept credit cards. That falls under equipment.

Now, there are basically two main choices available to you. Either you use a credit card terminal, or you opt for a POS system.

Though not as common, you could also use a PC or laptop to handle "swiped" transactions as well...

When it comes to credit card terminals, don't get fooled by terminal lease programs. These run for 48 months and will cost you hundreds (if not thousands) more than had you simply bought the terminal out right.

What's more, many merchant account providers will provide you with free equipment.

So ask about any programs.

As for POS terminals, regardless of what you may have heard most of many POS systems can work with a number of merchant account providers.

That means that you are not necessarily locked into using the company who is selling you the equipment.

Again, this matters because many times people end up paying way too much in processing fees simply because they didn't know that their POS system could work with other companies.

That brings us to rates.

You will want to ask about any rate guarantees -- as well as how long the quoted rates will apply to your account.

Nothing is worse than signing up with a merchant account provider based on a "deal" you're supposed to get, only to watch your fees increase a month down the road.

It does happen, so be sure to ask about this.

Additionally, you should ask the person you are dealing with to outline any surcharges or additional rates and fees that may apply to your account.

Most people don't realize that there is more than one processing rate when it comes to accepting credit cards.

Finally, you'll want to ask about contract requirements.

The key here is to avoid any early termination fees, especially should you decide to switch to another provider down the road.

The last part is how...

To Find the Best Merchant Account

It pays off in the long run to request free merchant account quotes from qualified providers.

That way you can compare merchant account rates and fees for yourself when merchant services providers contact you. Make a table of questions or use a spreadsheet and compare their answers to your questions.

This will allow you to make an "apples to apples" comparison helping you to get the the best merchant account.

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    Other Merchant Account Articles

    There's more to accepting credit cards -- whether you have multiple locations or you own a "mom and pop" business.

    In fact, believe it or not asking "what's your rate?" over the phone is the LAST thing you should be thinking about, because there are multiple rates, fees and other charges depending on your type of business and how you want to accept credit cards.

    Not to mention that quoted rates over the phone are often misleading, or only apply to your business 20% of the time.

    The key?

    To get the best merchant account you need to talk with a solutions provider. You can learn more about merchant processing services by checking out some articles below:

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