What is the best way to make a merchant account comparison?

Comparing merchants account is a necessary but difficult thing to do. There are seemingly endless things to consider when deciding which merchant account is best for your business. You must compare discounts rates, monthly fees, processing limits, customer service and a whole host of additional account features. Herein lies the mistake that most people make when comparing merchant accounts. The trick to effectively comparing merchant accounts to find the best solution for your business is to keep your evaluations general.

I can't count how many times I've received a call from a person who was comparing merchant accounts who didn't want to talk, all they wanted to know was the rates and fees I had to offer and nothing else. As soon as I told them my pricing schedule they would hang up and call the next provider. These people didn't realize that they were wasting their time. They will eventually end up signing a contract with the provider who offers them the lowest rates and fees only to have those rates raised shortly thereafter.

The most important thing to do when comparing merchant accounts is to look past the rates and fees. Look for these qualities first when comparing merchant account providers:

• Positive, legitimate customer testimonials
  • Look for a provider that is able to provide proof of long-standing satisfied customers. Many providers look to sign as many merchants as possible while neglecting their current customers. You want to avoid these providers. Avoid asking providers for references when comparing merchant accounts. Due to privacy issues references often cannot be provided.
    
• A knowledgeable representative with a consultative approach to selling
  • Look for a representative that takes the time to learn about your business before he or she starts quoting rates and fees. Look for someone with whom you feel that you can establish a relationship. Remember, this person will be responsible for one of the most costly expenses that your business may have.
•  A proven track record of support and customer service
  • When comparing merchant accounts look for a provider that clearly defines their times and methods of offering you customer service and support. You want to make sure that help is available if and when you need it.

Based on the criteria above decide which prospective provider you feel is the best fit for your business. Only after you've arrived upon this decision should you look at the costs associated with the account. Chances are good that this provider won't have the lowest rates and fees but they will be willing to work with you to earn your business.

The next step is to contact the provider that best matches the above criteria and express to them that you feel they are the best fit for your business but you would like to discuss pricing. Looking back in your notes, cite specific examples of areas where other providers offered lower rates or fees and ask if they can be matched or beaten. ultimately, you will end up with the most service-oriented provider and the most competitive rates.

---

Summary
When comparing merchant accounts you want to use the ultra-competitive nature of the credit card processing industry to your advantage. Don't feel overwhelmed - feel empowered! First find the best provider based on service and reputation and then work with them to lower rates and fees to equal or lower than other providers that you've compared.

---

Please... If this article did not completely answer your questions about this topic please submit a comment and I will elaborate further. In order to submit a comment your will have to register quickly. I assure you that this is strictly to prevent this index from being abused.