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28/09/2009 -
For a small business to accept credit cards, it first must have a merchant account. This seems simple enough, and is often considered merely a transitional step to things like the choice of POS terminals or the PCI compliance audit. But what many businesses do not realize is that the choice of merchant account providers is not only one of the first steps in accepting credit cards, it could also be one of the most important.
In particular, the wrong kind of merchant account for a certain type of business could result in extra fees and money wasted on services that the company does not need.
For example, one of the most common ways businesses lose money with their merchant accounts is that they pay for additional services such as electronic card swiping or card-not-present transaction processing, when the company is a brick-and-mortar business that does not use either of those technologies.
As a result, the business will often be hit with extra surcharges and fees for unused services - Inc.com reports that these nonqualified or midqualified transactions can result in fees of anywhere from 1 percent to 2 percent.
To ensure that it is not losing money on its credit card processing - something that should actually be saving money - businesses are encouraged to shop around and do their homework about the types of merchant accounts and merchant account providers that are right for their company.
