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January 18, 2008
Is setting up your Credit Card Processing an expensive task?
Setting up your first internet merchant account can be a very tedious task if you are not prepared. There are thousands of bank card agents that will tell you pretty much whatever you want to hear to get your business. Some will even give you the feel of a cheap car salesman. The best piece of advice I can give you is to do thorough research. Don't be afraid to ask questions of the merchant account provider. If you can't get someone on the phone during normal business hours, be afraid of what could happen to your money after hours!
Once you finally get to talk to the credit card processing provider, there are some very important questions you should ask them, such as: 1)How long have you been in business? 2)Are you a "Registered Member Service Provider"? 3)What bank are you Registered with? 4)How is your record with the Better Business Bureau?(you can look this up yourself prior to calling, but be sure to ask them the question just to check their honesty) 5)Will all the processing fees be disclosed on my Merchant Account application? 6)How Long does it take to get my account setup? 7)Will you pay a discount rate even if your transactions are declined? 8)Are there any hidden "application fees"? 9)What are the support hours for technical support and customer service?
The above questions will get you off to a good start. You will want to really hammer down the merchant account provider with additional questions about the rates and fees as well. But even more important than the cost of the merchant account is the level of confidence that you have in the rep you are speaking to. How reputable do they seem? How reputable does their company seem? Your merchant account will be funding your business. If it is not setup properly from the beginning, then your business will pay the consequences in the long run. Setting up your merchant account does not have to be a tedious task, but you must do it right!
Posted by David at January 18, 2008 6:59 AM
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