Selecting a Merchant Account vendor is extremely important to your business. If your business does not have a merchant account, you run the risk of turning away customers that prefer to pay with a credit or debit card. When a company decides to accept card payments, it must set up a Merchant Account with a bank that has a processing agreement with major credit card companies or obtain an account from an ISO/MSP (Independent Sales Organization/Member Service Provider). A Merchant Account allows a company to accept payments at a credit card terminal or electronically and have the funds delivered to a corporate bank account. In return, a company pays a per-item or percentage basis fee to the account provider.

When looking for a vendor, it is important to consider the percentage and fees that the vendor charges for you to have an account. Generally, a vendor will charge a monthly or annual fee and an additional percentage from each transaction, which is usually between two and four percent. Also, make sure you select a vendor that has a reputation for reliability. Many banks and lending institutions have established merchant accounts that you can trust. However, there are also independent vendors that may provide questionable reliability. Check their reputation with the Better Business Bureau and perform a Google search for complaints against the particular vendor prior to entering into a contractual agreement with them. Do you need help finding a merchant account vendor? Click here for help finding a merchant account vendor for your business.

There are some other considerations that you should keep in mind when searching for the right vendor, including:

• Statement Fees - Does the merchant charge a fee for providing a monthly or annual statement to you?
  
• Monthly/Annual Minimums - Is there a minimum of charges each month? What are the penalties if you do not meet this minimum?
  
• Technical Support Availability and Pricing - Is there a fee to speak with a technical support team member? Are customer service representatives available when you need to speak with them?
  
• Credit Card Terminal Costs - Will you or your clients be charged a credit card terminal fee for each transaction and, if so, what is it?
  
• Real-time Solution Price - If you require fast service for credit card processing, is there an additional charge? *Ease and Price of Installation - If you are using a credit card terminal or software application, is there an installation charge? Are there additional fees based on usage? Can you return the technology if you decide not to use it?
  
• What Technology Options are Available? - For transaction processing, accounting, customer relations, etc.
  
• It is important to have a merchant account so that you can give your customers a variety of payment options, which increases the ease of working with your company and provides a level of customer service that your customers may expect. As you've seen, there are a lot of variables in selecting a merchant account vendor.

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