More than 80 percent of US consumers have a credit card or debit card. Plastic offers some features that make it easy to opt for credit over cash when it comes to paying for products and services.
A business that does not accept credit and debit card payments will suffer immensely because the majority of consumers use cards these days. Therefore, a merchant account is crucial to the survival of a small business. A merchant account is a special bank account that gives businesses the opportunity to accept a line of credit from a customer. A small business should never sign up for the first merchant account offer, however. The following are points to consider before adding a merchant account to a small business:
Transparency is important when a business owner is searching for a merchant account provider. Every merchant account will have fees associated with it. The way to differentiate one company from another is by visiting the site and seeing how much information the providers are willing to disclose about the products and the fees. A transparent merchant account provider is one that a small business owner can trust.
Integrity and transparency go hand in hand. Merchant account providers who have hidden fees and charges lack the integrity that a small business owner needs. Interested parties can examine a company’s integrity by reading reviews from other businesses and clients. The testimonials will give the business owner an accurate depiction of the company’s practices, customer service level, pricing, and policies. A business owner should be leery of a provider that has a multitude of negative complaints or a star rating of fewer than three stars. The Better Business Bureau is an excellent source for checking a provider’s integrity. The BBB uses an A-F grade system that signifies the number of complaints and resolutions that a provider has received.
Availability is another special element that a business owner will want to investigate before choosing between merchant account providers. The business owner will want to ensure that staff members are available to answer questions about software issues, transaction disputes, billing problems and the like.
A comparison tool can assist a business owner with choosing the perfect merchant account provider for his or her operation. Signing up for a merchant account is necessary, but the business owner should make sure to conduct a thorough investigation before settling on a specific provider.