04 Aug How to Avoid Getting Ripped Off by Your Merchant Account Provider
Having a merchant services provider is important, as they will work with a business to process the transactions that they are making every day. However, there are many fees associated with using these types of services. They vary from each provider, so always remain informed about the prices and practices of these providers before signing on the dotted line. When choosing a merchant account, do some research before setting up services.
Many of these merchant services providers will send in salespeople to businesses during their busiest. They are hoping that business owners will be more focused on attending to their customers, and spend less time reading over the contracts. Always ask these salespeople to come back later when there is more time to ask the important questions and carefully read through the contract.
It is never a bad idea to have a lawyer read through this contract to make sure that these merchant accounts providers aren’t ripping anybody off. Some may have far too many fees for credit card processing, and that can take a toll on businesses. Many business owners don’t know what the current industry standards o price are, and can end up over overpaying. A lawyer will know what the contract is supposed to say, and can help business owners to negotiate for the best deal.
Another step is to do some good research. Look at the websites of many merchant services providers, and see what they are charging for credit card processing. See what types of services each of these providers have to offer, and take advantage of some of the newest technological features. Many are even able to process credit card payments over a mobile device, and that is something that could be helpful to many businesses.
Don’t get ripped off, do some research before signing a contract. Wait until a business owner has time to think about it, don’t let a salesperson come in at a busy time and take advantage of anybody. Research what other companies have to offer, and go with the one that has the best features for the best prices.