Choosing a Provider

1. Get every fee in writing: This is important because the last thing you want is for a company to bill you later with fees you never even knew you owed. Once you have it in writing – and it is important to cover every potential fee, even it is not monthly – not only will you know what to expect in terms of what you have to pay, but you also will protect yourself from a merchant procssing company that has a bunch of hidden fees it could potentially spring on you when you least expect it.

2. Compare companies, based on the fees they charge as well as their record of accomplishment in dealing with businesses like yours. Shop around. Never go with the first company you talk to without first going to other companies similar to it to compare rates as well as various terms and rules that may apply to your account. Look for companies that specialize in businesses like yours, not only in category, but also in sales volume, etc. Get the best bargain, but do not fall for the best sales pitch. Sometimes, a company can sing you a pretty song, but then neglect to follow through on what it has promised.

3. Ask how long it will take you to receive the funds and get it in writing: Depending on the company, the time it takes to transfer funds into your account may vary. Ask before you sign any contracts what that timeframe is and get it in writing. You don’t ever want to be in a lurch with your business merchant account, waiting too long for money to come in from your credit card processing service.

4. Have a business lawyer look over the contract and explain anything you don’t understand. Don’t sign anything until you have the attorney of record for your business look over the contract and explain everything to you. So many companies sign contracts that are not to their benefit because they didn’t ask questions about terms they didn’t understand. This mistake can cost you money in the end. Have your lawyer look over everything before you sign on the dotted line.

5. Get familiar with the company you are dealing with and get names and specific contact numbers as often as possible: Get as much information up front as you can. Having names and numbers will offer you some options, in terms of customer service as well as the accessibility of the company’s representatives. If you have specific numbers and/or extensions, you don’t ever have to worry about calling around, trying to get a question answered, while a customer is standing in front of you, waiting to fix a credit card processing issue.