Competition from providers to obtain your business is fierce and, unfortunately, shady companies DO exist. Take the time to compare your options and delve into all the details to understand exactly what I being offered to you. Here is a checklist of some important elements to consider:
Varying Fees: Are some rates should lower than others? It's important to as a lot of questions about fees, such as the differences in charges for keyed cards, reward cards and corporate cards. Hidden fees need to be un-hidden up front!
Startup costs: Are there any startup costs? Merchant account applications and setup services should be free.
Equipment range and costs: Does the company sell, lease or both? Do they support virtual, mobile and integrated payments? If equipment breaks down, what is the average repair time? Are discounts offered for purchasing multiple terminals?
Restrictions: Are there minimums for monthly or annual levels of business? Does the company deal with a wide range of credit cards? Are there any restrictions if your business is seasonal?
Reputation: Are they trustworthy? Research potential providers with organizations such as the Better Business Bureau. Seek recommendations from people you trust, including successful local merchants and trade associations.
Contracts and/or leases: Does the contract specify particular conditions or time periods? What happens to equipment when a contract is terminated? Read the fine print.
Charges: Are there "ceilings" beyond which you'll have to pay excess fees? Are there additional fees for international services?
Support: Is help available 24/7? Are there additional charges for after-hours support? Does the processor have knowledgeable customer support and service teams?
Compliance: Do they offer equipment that supports industry compliance standards?
Take the time to find the provider that will fit your needs. Any quality provider should be willing to answer all the questions above, as well as provide an evaluation of your current statement. This analysis should itemize your fees so you can fully understand the charges.
Remember that a wise man once said: If it sounds too good to be true, it probably is. So step cautiously, do your homework and know that MTG is available to answer any questions you may have along the way.