You’ve heard the saying that when banks compete for your business, you ultimately win, and that’s very true for an Internet merchant account. In some ways, it’s even easier to shop online than it used to be. These tips will help you find an excellent deal on a merchant account for your business.
A simple Google search for merchant services or payment gateways will reveal a variety of competitors all vying for your business. Start looking at rate tables and keep notes of which ones offer interchange plus tiers of service, as these typically offer the fairest rates to do business. You may be tempted by flat discount rates, but the percentage you “save” is quickly eaten up by fees or lack of sales volume.
Narrow your search to three solid options, then make some phone calls. Request quotes in writing, so you can review the terms of the contract for yourself.
Avoid Lease Fees
If you can, purchase the credit card machine you’ll need to actually slide cards in store. Most merchants won’t charge to use a shopping cart, as that fee is included when you signup, so take advantage and sell from your website as well. Avoiding fees to lease your equipment can save you hundreds per year.
Just be sure you purchase equipment that will still last you five years into the future.
The rates you pay today may not be the ones you pay tomorrow. If your rates are as low as you can get them now, but they still feel high, don’t panic. Your business will become eligible for greater discounts as it ages. If your business is already getting older, focus on keeping current with its debts to improve the odds you’ll get lower rates in the future.