4 Must-Have Merchant Account Features

This article will outline the four major features to look for in a great credit card processing account. There's a lot to consider before committing to a merchant account and this article will outline the broader points. I still recommend that you do a little more digging to get to the finer details that can also affect which account and provider is your ideal fit.

Interchange Pricing
Interchange pricing was once available to only the largest business, but it has steadily been making its way into mainstream. Interchange pricing functions by applying a standard mark-up to the actual processing cost for each transaction. Typically called interchange plus or cost plus, this type of pricing is much less expensive and more transparent than the currently more popular tiered merchant account pricing model. Start-ups and smaller businesses may still have a tough time finding interchange pricing. If this is your situation, try using a comparison site like CardFellow to get quotes from multiple providers. The competition on these sites usually produces better rates and fees.

No cancellation fee
Believe it or not, contract terms that carry hefty cancellation fees aren't the norm in the credit card processing industry. Slowly but surely more and more merchant service providers are offering month-to-month accounts in order to stay competitive. The best merchant accounts don't have a cancellation fee.

A knowledgeable, dedicated representative
The last thing that you want to do when you need assistance is to sit on hold waiting for “the next available representative.” The best merchant account will have a dedicated representative that you can call when you need help. There's real value in building a relationship with your merchant account rep. Even better is finding a local representative that can deliver supplies or loaner terminals if you're in a pinch.

Value Aside from Rates and Fees
Low rates and fees are important when you're looking for the best merchant account, but they're not everything. The best accounts have value in other areas as well. Look for things like universal credit card machines and gateways. This will allow you to switch providers if need be without buying new equipment of modifying your existing e-commerce web site.

Borrowing a little from the earlier point, look for an account with excellent customer service. Think about what's best for you in terms of customer service. Would you rather have a local representative that you can call when you need help, or are you fine with calling the national processor from a toll-free number?

It's tough to grind the aspects of a great merchant account into four quick categories, but this should get you started. Again, check out the MerchantCouncil for a more comprehensive explanation of things is you've got a free moment. Merchant processing is typically one of the largest recurring businesses expenses and they're certainly deserving of your time.