Finding the Best Merchant Account Provider
Credit cards have tremendously changed the way businesses operate.
No longer are they confined to where their stores are. Now, with just some information, sales can be made even if the customer is halfway across the world.
However, being able to offer this service has its costs and is not always hassle-free. Furthermore, not all merchant account providers are great for everyone. Each business is unique and therefore has individual needs and requirements that must be met. So, looking for the best merchant account provider is not as easy as asking a friend which merchant account provider they have.
What are the things to check when looking for the best merchant account provider?
- Services – Must be able to accept all the major credit cards and have a complete facilities to provide it.
- Fees – Merchant accounts have numerous fees that have to be taken into consideration. Make sure that all the fees will be discussed, even possible fees, before deciding if a merchant account is affordable.
- The contract – Some contracts are 2 years long or have high termination fees. Be sure that before signing up for a merchant account, the length of contract is acceptable.
- Customer service – The merchant account provider should have a customer service team that can deal with its customers in a professional and timely manner. Furthermore, they must treat their customers as individuals, not just as a non-entity.
Which are the best merchant account providers?
Three websites have recommended Charge.com as one of the best merchant account providers. Charge.com offers the following:
- No application fee
- Same day approval
- 98% acceptance or approval rating
- Free set up
- No annual fees
- Charges one of the lowest fees in the industry and has no hidden fees
- Offers accounts for MasterCard, Visa, American Express, and Discovery
- Very good customer service
However, one of the best organizations to turn to when looking for the best merchant account provider is the Electronic Transaction Association (ETA). The ETA is an international trade association composed of more than 500 members. These members represent companies who provide its customers products and services for processing electronic transactions. The ETA also monitors and provides leadership to the merchant acquiring industry.
This year, the ETA started its ISO (Independent Sales Organization) of the year award and chose MerchantWarehouse.com to receive it. MerchantWarehouse.com was given the award for many reasons including high ethical standards and great customer service.
Below is a list of what MerchantWarehouse.com offers:
- No application fee
- Same day approval
- 99% acceptance or approval rating
- Offers accounts for MasterCard, Visa, and American Express
- Charges one of the lowest fees in the industry
- Has a free terminal (Hypercom T7 Plus) program
- Uses 3 payment gateways: Authorize.net, VeriSign, and LinkPoint
- Has MerchantWare which is ideal and affordable for home-based businesses or tradeshow vendors
- No cancelation fee
- Contracts are on a monthly basis
- Their system has practically no downtime
- Transaction details and reports are available even if statement has not arrived yet
- 24/7 customer service
MerchantWarehouse.com does not advertise a lot of information on their website because they prefer people to speak to their phone or chat team.
In the end, the best merchant account provider is still the one that can provide the best service and within the budget. It is important read everything about merchant accounts, and to be able to speak to providers to learn about their terms and conditions. Being informed lessens the chance of getting headaches after signing the merchant account contract.