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Important Questions to Ask a Merchant Services Provider before Signing Up

It should be simple to register for a merchant account. It is after all only an account that lets you accept credit card payments. But it is quite complicated to set up merchant credit card processing online. 

It should be simple to register for a merchant account. It is after all only an account that lets you accept credit card payments. But it is quite complicated to set up merchant credit card processing online. Every merchant account provider extends software compatibility, fees, rates, security measures, features and services. Here are some vital questions that you need to enquire a merchant services provider prior to signing up.

What type of support is extended?

When there is a problem, you would like to avail fast and easy support and someone to lean on. It is important to find out whether this is extended 24/7. You would be able to accept payments at any time of the day when you have some merchant credit card processing online. Even at odd hours of the day or night, you need to be capable of speaking to somebody who can instantly fix the situation with fast technical support.

What kind of security can I get?

For online shoppers and business owners, frauds and online security breaches are matters of grave concerns. You would like to have a service that extends assurance to your customers. Make queries regarding the security that is offered, such as:

  • Whether fraud protection is offered?
  • Whether it has a PCI compliant payment system?
  • What is the company’s track record for dealing with and/or stopping security problems?

What fees and rates do you have?

Your bottom line can be impacted by each decision that you take as a business owner. It can be of great ease to get Merchant credit card processing online. However, is available with associated fees and costs. Prior to consenting to terms with some merchant account provider, you have to find out what it would exactly cost you. In other words, you have to understand all the fees and rates.

While a few have variable rates, others have fixed rates. A few of these come with recurring costs, while others have setup fees and monthly fees. Some of them charge varied rates for cards of varied types. Ensure that you understand the fees and rates that you will actually have to pay, prior to agreeing to some contract.

Is the merchant account provider compatible with your system?

In case you have some shopping cart software that you intend to use or have an established website already, you have to find out whether or not it is compatible with the merchant account provider that you pick. It can be very convenient to have a merchant credit card processing online for your customers. But you would like to ensure that you have a seamless shopping cart, to avoid losing sales during the checkout process.

What is my actual processing fee?

Ensure that you understand clearly whether or not you are obtaining an introductory rate, which can rise sometime. Ask whether or not an introductory rate can extend some type of rate guarantee. The credit card processing rates can differ, based on the kind of transaction, the card that is utilized and the processing volume of a business each month. In case you are offered a rate that appears to be lower than anticipated, ask the merchant services provider the transactions that the rates apply to or not.

Do you have a Cancellation Fee?

Just like you need to find out about associated costs, you have to find out whether there are some expenses associated with the termination of your contract, in case you plan to change merchant accounts. A miniscule termination fee is part of most payment processors. But a liquidated damages fee is stipulated by a few contracts, which would charge the approximated amount of the entire agreement. Never give your assent to some contract that you cannot actually extricate yourself from.

What are the T&C of your contract?

Some companies offer merchant accounts on a monthly basis, but many others have longer contracts. Find out how long the agreement is, what would occur in case you wish to end the agreement early on and what you have to do in order to get the contract canceled upon the expiration of the term.

There might be auto-renew clauses in a few payment processors, and business owners need to know about the same. When you are aware of such a clause, it can prevent you from being registered for some other contract. Make sure that you understand all the contract terms and conditions completely, so as to avoid annoyances after signing the document.

Do you have any additional charges or fees I should know about?

You have to find out whether there are additional costs, such as:

  • Equipment rentals
  • Account change fees
  • Chargeback fees
  • PCI Non-Compliance fees
  • Early termination fees
  • Cancellation fees

When you have an idea about what the fees actually are and how to avoid the additional costs can help you in long-term saving of money for your business. Make sure that you find out whether the fees happen to be a percentage of the processing volume that you have or are actually a flat rate. The way your fees are calculated by a payment processor can make a major difference to what you pay every month.

Which integrations or software do you offer?

Your business can be more efficient and streamlined with integrations that are convenient to use. Whether you are managing inventory or setting an online store up, find out which software is offered by your payment processor in order to know what to expect. Whether you need a POS system while managing inventory or require a shopping cart integration while setting up an online store, find out about the software offered by your payment processor in order to keep disappointment away.

When do we begin?

You would like to find out when the contract term starts fromHealth Fitness Articles, and when it would expire actually. Get this in writing and keep it somewhere safe for future reference.

Article Tags: Merchant Services Provider, Merchant Credit Card, Credit Card Processing, Card Processing Online, Merchant Account Provider, Merchant Services, Services Provider, Merchant Account, Credit Card, Merchant Credit, Card Processing, Processing Online, Account Provider, Others Have, Shopping Cart, Payment Processor

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Michael Bedwell is a Professional Content Writer at Host Merchant Services. He Lives in New Jersey, United States. Having years of experience in content writing he writes content on diverse categories like technology, emaorece, business, finance etc.

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