Choosing a merchant account should be simple. Each provider should display a rate and then whoever is looking for the account can choose the cheapest one.
Although, the problem is that things are never that simple. Rates on a credit card merchant account will vary greatly. You cannot give a simple rate, because it will not be accurate.
There is little point in a potential customer asking for the best rate because these rates change depending how and when the transaction is made, as well as the type of card that is used to make the payment as well.
Also, it is important to grasp that the rate is only a part of whole account charges. There are others that will make up a significant part as well. These include a transaction fee.
So, the only way to be sure which company is going to be the cheapest overall, for a company’s individual business needs is to have a proper consultation to discuss it.
The problem is, is that this rarely happens and many companies will use quite tough tactics just to get people to sign up, because there is a lot of money to be made. An example of this would be advertising low rates which are in fact ‘introductory’ or ‘discount’ rates.
These will always be discount rates that just apply for introductory periods, or under certain conditions, which may or may not be the conditions that a merchant normally takes a payment under. The best rate can be very significantly different from the average rate that a merchant will end up paying.
The final key point to grasp is that no merchant account should just be judged on the costs alone. What good will be having the cheapest merchant account be, if you can’t actually use it. What I mean is that the account must be backed by first class technical and customer support functions. Whether it is down to the system needing to be working to get transactions through, or a service team making authorizations and sorting out problems, it plays a big part.
For more information on the Best Merchant Accounts, and finding companies that give proper consultations and facts about their service, Read This Independent Report.