To get better processing fees on your merchant account, you must research as much merchant account providers as you can. You also need to read and solicit customer feedback and reviews, do a comparison of reliable providers, ask for quotations, and limit the services you avail to your needs.
Making your business more profitable does not only involve finding ways to increase your sales. It also entails applying cost-effective means, such as getting better merchant account processing fees, to maximize your profits. Here are effective ways that help you obtain better processing fees on your merchant account:
Research as much merchant account providers as you can
A good way to start choosing the most cost-effective merchant account provider is to do a research. Gather as much merchant account providers as you can on the Internet so you will have more providers to choose from. Learn the relevant information, such as products and services they offer and their related processing costs.
Read and solicit customer feedback and reviews
In order to save time from going over many merchant account providers and reducing the risk of dealing with fraudulent providers, it is advisable to go over customer feedback and reviews. Look for merchant account providers that are known for giving retailers the best deals in the industry. Search for providers with a good reputation on pricing their clients, without misleading you with low introduction costs, but higher processing fees. A website that helps you provide such useful information includes credit-card-processing-review.toptenreviews.com. You can also ask opinions from other retailers regarding their merchant account processing experience.
Do a comparison of reliable providers
After you get ideas on which merchant account providers are reliable, you need to compare their services and their fees. Find out which provider gives the best deals by outlining the standard and value-added services as well as the different costs involved. You can again go to credit-card-processing-review.toptenreviews.com to help you with this task or cardfellow.com and other similar websites. If you see considerable differences in certain merchant account processing fees, do not assume instantaneously that a certain provider is expensive or cheap; rather, find out what makes the certain fee more expensive or cheaper. In other words, know the nature of the costs involved. This also helps you avoid being deceived by providers who significantly offer lower fees, but lists additional fees that are of exact nature to fees already included.
Ask for quotations
Before you decide which merchant account provider to deal with, narrow down your choices first and ask for quotations from these providers. In doing so, do not forget to identify the type and size of business you have. Rates are usually cheaper for smaller and less-risky businesses. Again, always ask about the nature of the costs involved if some are not clear to you. Inquire about possible rate increases in the later years of service as your deal usually involves a long-term contract. There are actually some providers who advertise very low rates, but increase their rates later on within your contract. Finally, do not forget to state other providers’ rates as other companies lower their fees in order to compete and win customers.
Limit the services you avail to your needs
The final and one of the most important ways to get better merchant account processing fees is to make sure that you only avail of the services that your business really needs. There are merchant account processors that offer bundles of services for cheaper rates. In the end, they may come out more expensive for you as you are not able to really make use of the other services you are paying for. Always compare the products and services that a certain merchant account provider offers with the services you really need before dealing with them. This helps you minimize your expenses and fully utilize their services. Another piece of advice, do not go for an offshore type of merchant account if your business is small and you intend to cater to local clients only. This type of merchant account gives you added services, such as allowing acceptance of multiple payment currencies, which would be impractical and expensive for your business.
Merchant account fees can really be made cheaper if you just know what your business actually needs and you have enough knowledge in the costs involved as well as the bargaining ability. In effect, your business would be more profitable aside from increased sales brought about by the acceptance of credit cards and other electronic payment forms.