How to Choose the Right Merchant Account for Your Business
Choosing the right merchant account can be a gigantic leap forward of your company's bottom line and customer satisfaction. With so many available, how do you choose appropriately? Begin by thinking through your business requirements. Think about your quantity of sales, average transaction value, and whether you require in-store, web, or mobile payment capability. A boutique business is different from an e-commerce behemoth. Review fee structures carefully. Don't skip over the highest rates to see all the fees: setup fees, monthly fees, transaction fees, chargeback fees, and early cancellation fees. The cheapest rate offered isn't always the best deal. Put security compliance first. Make sure any provider is PCI DSS compliant to protect customer data and protect your business from liability. This is not something to negotiate in today's data-sensitive world. Assess integration ability. Your merchant account must be able to integrate smoothly with your current accountin...