Things To Remember In Selecting A Merchant Account
If you're an online host or merchant, having merchant accounts is definitely a must
. Paypal, Google Checkout or Moneybookers may be good choices but you must also have the ability to offer credit card payments to your customers. Business that only offers Paypal as an option for payment may likely be passed over because many think that the business may not be "legit".
So, then, you'll need a merchant account, and there are tons of companies that are perfectly willing to help you. That's a good thing and a bad thing. There are some things you need to remember when choosing a merchant account, so that you don't end up disappointed or worse yet, ripped off.
* Is there a monthly minimum? If so, what is it?
* What percentage will be charged of your customer's purchase price?
* How long does it take for the funds to be deposited into your bank account?
* Is there a contract? If so, what is the termination fee?
* Does a Google search show a large amount of complaints about the merchant account provider?
Now, just because a company has a complaint or two doesn't mean they're bad. However, if you notice a large amount of complaints involving late or missing funds, or the company not performing as agreed, then you may wish to do business with another company.
A monthly minimum is something that nearly every merchant account provider has. Out of each purchase, a percentage is taken away, and it varies on your risk level. Those discounts are accumulated at the end of the month, and if they are less than your monthly minimum, the difference will be deducted along with your monthly fee. It's important to know ahead of time what that monthly minimum is.
It's also important to know ahead of time what day your monthly fees will be debited from your account so that you can avoid costly fees.
Setting up your merchant account is easy, depending on the billing platform you use. If you use WHMCS, there are already numerous platforms built in that allow it to interact with many of the popular billing gateways, such as Authorize.net, which is the platform of choice for many merchant account providers.
The bottom line here is to do your research and know what you're getting into before you sign anything. Don't let the sales representative rush you, and if he or she says something like, "it's okay, you don't need to read that", then it's probably time to move on to another provider. By doing due diligence, you'll probably enjoy a pleasant merchant account experience.
by: Pilar Torres Wahlberg
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