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06/01/2010 -
Choosing a merchant account provider is an important decision for a business - good partnerships can help contribute to a company's cash flow and reputation, while partnerships that are less than ideal can hit merchants with hidden fees and limiting contracts.To help them make the best decision in their choice of merchant account provider, Merchant Account Guide recently published a list of common mistakes that businesses make when choosing a provider.
Topping the list was misunderstanding the fee structure. Many merchant account providers do not charge a monthly or annual fee, but instead charge higher or additional transaction fees. Companies should fully understand how they will be charged, and for what.
The second most common mistake was along the same lines - failing to read the contract thoroughly. The article advised businesses to ask for the contract, terms and conditions, and service agreement before making a decision.
Businesses should also consider the security offerings of the merchant account provider in question. Are the POS terminals up-to-date and PCI compliant? Is there fraud protection included in the merchant services? These are important questions to ask.
Another recent article from Merchant Account Guide advised businesses to assess their needs and goals for payment processing before choosing a provider, to ensure that their needs are met.
