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Choosing a merchant account is like dodging potholes.  As you go about searching for a merchant account, you will find all sorts of promises from each vender to which would catch your eye.  As with potholes, the road may look smooth until you feel a thump on the road.  It is more of a reason to do your research on each vender that catches your eye.  The meeting may go smooth but you will not know if there is a pothole or not until it hits.  To avoid getting into a situation that surprises you, we have provided a few tips to help you avoid these potholes. 

Reason in Having a Merchant Account

The reason you are in search of a visa merchant account is to accept credit card payment.  From accepting credit card payment you are making progress to your business by generating more sales.  We are here to help prevent your profit from leaking out.

The first thing you need to consider when choosing a visa merchant account provider is the company’s creditability.  To find the company’s proven track record, log onto Better Business Bureau Report to scan the company.  The time in business is the first question you need to ask.  Once that is checked out, the contact information such as email and phone number should readily be available for you to get any kind of help 24/7 hours a week. 

The next step you should consider is if the company offers 100% guarantee.  The try out period reassures your business of what is provided matches with what is promised by the vender.   Absolutely do a thorough window shopping on fees.  Compare credit card machine prices.  Some merchant provider offer cheap credit card machine and also may have promotions such as a free credit card machine.  Never pay more for equipment for what its worth.  However, do not let the terminal get you into signing the deal, there are hidden costs to consider.  If the vender is offering deceptively low rates, make sure to spot the hidden costs as you may pay for it elsewhere.  Fees for application, setup, installation and programming do not exist as some venders may take advantage of first time business owners. Leases should be month to month.

Customer Service

Customer service is another topic to consider in choosing a visa merchant provider.  As mentioned earlier that a help line should be 24/7 hours a week.  During the trial period with the merchant account, make sure there are training provided by the vender available for you to be more knowledgeable to not only accept credit card payment but also how to read your monthly statement and using the credit card machine.  Keep a close eye on deposits as it should be timely and accurately.  An online statement should also be available for you to view at anytime when necessary instead of waiting until the end of the month for a statement. 

Lastly, decide if you want to accept credit card by phone or accept Visa MasterCard online.  If you do want to be able to accept credit card by phone, compare the rate with another vender.  The rate for manually entering the credit card information is higher than using a credit card swipe machine.  For online payments, look into what is involved.  A free credit card machine may not be necessary as all payments are done online through a payment gateway.