Small Business Merchant Accounts

Small business merchant accounts are on the rise. Some might say that the old credit card swipe terminal may be on its way out due to the recent advancements in technology and computers using pc based credit card processing. While in some cases this might ring true, in most cases it is not. Not to say however that there is plenty of room for pc based credit card processing and then some!

You could of course use services like pay pal and so on to process your payments and pay out the nose for fees, but it might be a better bet to save some money on your costs. Of course the sign up process for these sites is quick and easy but the ultra-high rates make up for the time you did not have to spend on the front end configuring your account and reading through the fine print. If you are looking to set up small business merchant accounts these services may be perfect for you.
Most merchant accounts charge around 1.5% of each transaction depending on the terms of the agreement. This is quite a contrast to 3% by 90% of the "free" online payment processors.
It is also really important that you choose the right merchant processor too. There are tons of deceptive practices out there and you really need to watch out for yourself. Some of my other articles go into finer detail on what to watch out for and look for when deciding who to go with for your merchant processing needs. Below are just some examples of customers experiences in the field and what can happen.

1. "In June of 2006 I spoke with a salesperson that said he could save our company a lot of money processing credit cards; after a few months I realized that we were paying more than ever, I called customer service but they had the attitude that they could care less about what the salespeople say to sign up new customers.
Fed up with all of the fees being charged I stopped using their service in June 2008, my bank account is still being debited every month for $35 (5 x $35= $175) with no service being provided. On November 18th, 2008 I called to cancel the service and was told that I would be charged a $295 early termination fee because my 3 year contract wasn't up (the salesperson lied) and that I needed to send back the machine (salesperson said I would own it after 1 year) or I would be charged an additional $495. I no longer have the machine because it wouldn't work with the new credit card processing service, believing that I owned it because it had been over 1 year; I traded it for a new unit. Since I no longer have the unit I offered to send them a brand new machine which can be easily purchased for between $110 and $150, the customer service rep said I couldn't do that and that I would have to pay them the $495.
$295 + $495 + $175 = $965 with no service being provided!!!!!" 2. "Our merchant processor has reversed about $20,000.00 worth of transactions. They cannot give us a reason explaining why they have done this. They refuse to return our money. From what I have read on-line, we are not the first company they have done this too. Aside from the money they are stealing from us, we now have waste our valuable time dealing with this issue. We already have one of our attorneys assigned to this case."
So, as illustrated above in their experiences, they will do their due diligence when applying for any merchant account. Remember, READ THE FINE PRINT. It is 99% of the time not in favor of the consumer! Here is a company I currently use that has excellent customer support as well as reasonable rates and very cool and helpful reps. In fact they did a free analysis of all the charges on my previous merchant bill and pointed out legitimate and illegitimate charges. In addition, since they offer an affiliate program, I am able to drastically offset my own costs, and I don't mind promoting that!
The free monthly statement analysis alone was worth it. Click here to get yours.