When opening a merchant account, an entrepreneur will spend a lot of money. Not only that, he or she will use the account for years, if not longer. To find the best provider, one needs to ask the right questions and understand the process. With this in mind, here are the right questions to ask your merchant account sales representative.
Are you honest with your fee structure? All-too-often, credit card processing accounts offer a seemingly amazing deal, only to screw people over on fees. Think about it, some companies will allow a person to sign up for free, but then charge massive fees to take payments. Other times, one won’t charge a fee to rent equipment, buy the company will ask for a higher percentage for every transaction. Whatever the case, when looking at merchant accounts, remember to find one with an understandable fee structure.
Do you provide decent support? Sadly, after signing up for services, companies will often disappear. When this happens, a company owner will end up spending money to find someone to offer phone and in-person tech support. Fortunately, when looking for merchant accounts, one can avoid issues when they inquire about support. Remember, issues will arise, and it’s wise to find a credit card processing company offering solid support 24/7.
Do I buy or rent equipment? When renting equipment, a company owner will need to spend plenty of cash, every month. However, it’s expensive to buy the equipment, and some business owners may not want to write a huge check to buy a POS system. Either way, when signing up for services, one must inquire about this.
How many options do I have to collect payments? Now, in the past, one would use a credit card terminal to accept payments via credit or debit cards. However, times have changed rapidly, and a store can accept payments on a tablet, smartphone, POS system or also opt for a credit card machine service. In fact, sometimes, one can accept payments on the Internet. Either way, when asking questions, an entrepreneur needs to find out how he or she can accept payments.
Without a doubt, when opening a merchant account, a business owner must ask the right questions from day one. Then, when doing so, one will not waste their time or money. Remember, this is a huge decision, and it’s smart to spend time thinking about this decision.