01 Aug Get a Second Opinion on Your Merchant Statement Fees
When it comes to deciding whether a certain merchant account is actually a good deal over the long term, it is usually a good idea to compare credit card processing statements to the kinds of fees that are offered by other merchant companies. It never hurts to get a second opinion on the kinds of fees that are associated with a certain business’s ability to accept credit card payments, and it seems like there are always new ways of accepting payments that can lower the amount that is spent on fees every single month. Here are some main points to think about when getting a second opinion on merchant account statement fees.
Look at the Flat Monthly Fee
One of the most overlooked aspects of monthly credit card processing statements is the flat monthly fee for just having access to a merchant account. For most of the lower priced options for accepting credit cards right now, there is no monthly fee involved with the account. Anyone who is playing a flat rate for the ability to accept credit card payments should look to see what other kinds of options are available to them right now.
Look for a Lower Discount Rate
The most important fee related to any monthly statement that has to do with accepting credit cards is always going to be the discount rate. This is the percentage rate that the merchant pays to the credit card company on each transaction. If a business owner can find another credit card merchant service that offers a lower discount rate, then they should definitely look into everything involved with that new account. This is especially true if that business owner has a large amount of volume on a monthly basis. This is the kind of thing that needs to be reviewed on a regular basis because the discount rate on different merchant accounts can change as a business grows and accepts more payments every month.
What Were the Startup Costs?
One last thing to think about when it comes to getting a second opinion on monthly statements for accepting credit cards is the startup costs. Some credit card merchant providers will actually charge their clients a fee just for starting up an account. This kind of thing cannot be changed once a contract has been signed, so it is important to take a close look at the startup costs before signing any contract.