As a business owner who is deciding to expand into the e
commerce industry online, you need to have a reliable
merchant account. As there are many merchant account
companies providing service you must make your decision
with careful consideration.
Many merchant account providers insist that you lock into a
lengthy contract regardless of whether you end up liking
the service. As you do not want to be paying for a service
you do not want at the same time as having to pay for the
replacement, this must be a matter that is researched in
depth.
There are several helpful tips to take into consideration
when researching merchant account providers. Depending on
the size and type of business you have, you may have
varying needs in regards to providing e commerce choices to
your customers.
If you are a relatively new business or a small business
with limited funds you may want to consider using PayPal or
2Checkout as your merchant account provider thus enabling
the use of credit card processing.
Many small business owners who process up to $1000 per
month in credit card payments find the low fees charged by
PayPal and 2Checkout are extremely reasonable. If you are
considering processing more than $1000 per month in credit
card payments, you may want to look into other vendors.
When you are doing so, be sure to check each vendors
discount rate and the per transaction fees involved.
Although fees vary from vendor to vendor, the discount rate
refers to the actual percentage of the sale that the
merchant account provider will keep. There is normally a
separate rate for swiped and non-swiped transactions. Fees
for every processed transaction range in price on average
from 10 cents to 99 cents per sale.
If you plan to process smaller credit card payments of
under $25, you may want to consider choosing a vendor who
offers a higher discount fee with a lower per transaction
fee, as this will most likely save you money in the end.
There are many other things to consider when looking for
the right merchant account provider such as monthly
statement fees, gateway fees, annual membership fees,
equipment rental fees, batch fees, cancellation fees, and
the length of contract required.
Merchant account services have improved over the last few
years providing business owners lower fees, short-term or
even no contract options as well as customizable account
features. With many e commerce service providers competing
in an effort to attract new clientele; the competition
often results in lower fees and a better overall service.
When thoroughly researching several merchant account
providers, taking the time to compare the pros and cons of
each vendor will allow you to more easily come to a
decision on the best one to use for your own business needs.
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