Although
the actual payment processing is nearly universally the same across
all merchant account services, the best merchant account providers
have high approval ratings, get your account up and running quickly,
have low start-up and monthly fees, offer great customer service and
posses a wide array of hardware for their clients. It takes a combination of all of these things to
stand out in the marketplace.
Average
Approval Rating
This
term means something a bit different in a merchant-account context
than it does in common usage. The approval rating for online merchant
account services refers to the percentage of applications a company
approves. The higher a service's approval rating, the higher the
chance you have of getting an account through that service. This is
an important number to know, especially if the service charges an
application fee.
Cost
per Month
It
does you as a retailer very little good to accept payments if the
service takes more in fees than you make in profit. The best merchant
account services offer low monthly service fees as well as low
per-transaction costs.
Start-up
Cost
Any
merchant account service that makes it too expensive to start
accepting payments shouldn't warrant your consideration. Some
services can cost as much as $300 before you can even accept a dime
in payments.
Account
Set-up Time
In
addition to having low start-up and monthly costs, the best companies
turn your application around within a day or two after you submit it.
Lesser services can take up to a week.
Customer
Service
Allowing
a company to handle your payments involves a huge amount of trust. If
a company does not have great customer service, it doesn't deserve to
handle your livelihood.
Internet-based
Features
More
and more companies are moving to a primarily online business model.
Therefore, virtual terminals and gateways are features we look at
very carefully.
POS
Swiper Features
Brick-and-mortar
retail outlets are not going away, no matter what the digital
evangelists may say. You will always be able to walk into a store
with money and walk out with goods or services. The best merchant
account services provide a wide array of point-of-sale hardware for
your physical retail outlet.
An
internet merchant account is a simple but important thing. When you
are shopping for a merchant account service,
always keep in mind that the service needs you more than you need it.
There is no reason to go with anything less than the best company you
can find.
