3 Steps in Picking a Merchant Account
Are you a small business that is beginning to look at accepting credit cards? If so, plan carefully. Pick the correct merchant account and you will save yourself trouble and money. Consider using paypal as long as you can but sooner or later as you grow you will need the ability to process your own payments, and the added sense of credibility this lends is a great thing for most small businesses.
1. Study the fee structures carefully. Do the math and see what is the level of business you have and how much you will end up paying. Yahoo Small Business Merchant Solutions seems to have a very reasonable program for most small businesses. Costco has some pretty decent programs for their members as well.
2. Ask about their customer service and make a phone call to check out the level of service. If they do not have 24/7 service, you may want to think again. Your ebusiness should be live 24/7 and if you have any problems you should be able to pick up the phone and get service instantly. We believe that 24×7 service is worth the added expense.
3. Ask for the level that makes sense for your business and confirm if you can upgrade as you build your business later. There is no need to sign up for premium programs (even if they offer a bigger discount) if that is what you don’t need.
They key is to smart small. Do not over spend. Keep your money for your business. You will be glad that you did.
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