Published: 03/28/2011
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»» Credit Card Processing
Merchant Account Buying Tips
Who can't use more merchant account buying tips? Here are a few more pointers to keep in mind as you're searching for a credit card servicing company.
Learn how long it takes for funds to be transferred
Providers differ on how long it takes for funds to be deposited to your account. You will want to specify whether it is a retail or MOTO transaction, since MOTO transactions usually take substantially longer to clear.
Compare variable fees
Check on fees that tend to vary between providers and may be negotiable. Such fees include set‐up, cancellation, and monthly minimum.
Get the complete picture
Once you know all the fees a merchant account provider will charge you, figure out what your total cost would be based on your best and worst recent months.
Read the contract
Make sure to read the contract in detail to understand all fees, minimum charges, the term of the agreement, and termination clauses. Some merchant account providers will not cover every point and leave it to you to uncover the details.