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Industry News

Merchant accounts are essential - but choose wisely

By Lauren Lindberg

31/03/2010 - For businesses that do not yet have merchant accounts enabling them to offer debit and credit card processing, now is a better time than ever to get one, according to BigNews.biz.

The news website reports that as society becomes increasingly dependent on credit and debit cards instead of cash or checks, the need for businesses to offer electronic payment processing is greater than ever.

"Utilizing some form of credit card processing is critical in the current market," said the website. "The majority of consumers are cash poor so if you're not setup to accept credit cards as a form of payment, you are losing a large portion of potential clients."

BigNews.biz also advised businesses to choose their merchant account providers carefully, as some offer better contract terms than others, as well as better support and pricing.

Furthermore, businesses should find the merchant account provider that is a good match for their company and industry, said the website.

One thing that differentiates many merchant account providers, experts say, is their POS terminal options. Some providers allow merchants to upgrade their terminals for free when they become noncompliant with the PCI DSS, while others offer the option of buying terminals outright instead of just leasing.

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