Getting the Lowest Price Possible on Your Merchant Account

I speak with business owners frequently, and the one criticism I consistently hear is how much they detest accepting Visa and MasterCard as payment. On occasion, but less frequently, I also heard complaints about American Express.

I frequently draw the analogy that credit card processing costs are similar to taxes. Even though you don’t want to pay more than your fair share, you just must pay them. Taxes or credit card processing fees—which is despised more?

I’ll be the first to acknowledge that although I’m a merchantselling merchant services myself and I don’t mind paying the credit card companies 2% or more, I actually prefer paying that amount to accounts receivable. The ease of receiving payment sooner rather than later more than justifies the price. That said, it doesn’t alter the fact that I want to spend as little money as possible.

As a merchant service provider, I’ve worked to reduce the rates I offer as much as possible. The issue is this… Interchange rates from Visa and MasterCard are the same for all merchant account service providers.

All retailers may typically compete on price up to a certain amount thanks to interchange. They clearly can’t go below interchange, and if they do, I can assure you they’ll find a way to make up the difference. Therefore, what the majority of merchants need is a partner they can rely on to offer them a low rate without trying to make up for it in another way.

I have a scheme where I pass through interchange to the merchant with a “basis point” fee that pays for the expenses I incur in opening the account and compensates me as an independent sales agent to maintain the account and ensure that it isn’t a problem for my merchants.

This service is priceless, and in my opinion, it is the sole factor that distinguishes one merchant account provider from another. Since I firmly believe this, I also work hard to provide you with the greatest customer service possible.

To ensure that any issues are fixed promptly and effectively, I work directly with a support team that offers world-class support people, 24/7 terminal support and a cutting-edge support ticket system. Even though I’m touting the fantastic assistance, the finest merchant accounts ensure that you never have to contact, but even if you do, you won’t have to wait on hold for hours while speaking to a representative from abroad.

Our support team is based in Michigan, and they do a fantastic job of helping any of our merchants process cards quickly and effectively.

Price does matter, so definitely. With accounts, getting a good deal is important, but you shouldn’t ignore the expense of a merchant account that causes you a lot of headaches. Your time is valuable, and every minute you waste dealing with a problematic merchant prevents you from growing your company or enjoying the benefits of successful business practices.

It is not at all difficult to locate a commercial credit card accountselling merchant services provider. Simply ask local bankers if they offer this service and are open to working with you to find out. If you don’t want to go that route, you can search the Internet for merchant account providers who are willing to take on new customers. There are several banks and specialized lenders looking for business owners to partner with. If they believe you have the ability to earn their confidence as a client, they frequently take a chance on new business owners. But first, you’ll need to prove your company’s worth by showcasing its strengths in a few key areas. One is that you don’t currently have a bankruptcy and have a good credit history. For this condition, a copy of your company’s credit history should be sufficient proof. The second need is that your company generates enough revenue to cover the additional costs of a merchant account. An yearly report or bank statements should be able to address this issue. The type of business you are running is another item the lender will want to know. The underwriter may reject your application if you traffic in pornography, participate in telemarketing, or have created a trail connecting your business to some shady dealings. Conditions can change, so find out if you qualify before applying.

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