The merchant account industry is quite literally huge. You should have no problem finding someone who is willing to give you an account. However, that is where the problem lies. Many companies are out there keen to work with small and medium sized enterprises, because it will allow them to make lots of money.

It is a very hard sell industry and that is why you need to understand a little of the background before making a decision on which company to go with.

First off there are no standard rates in the industry. However, there are in fact many rates that vary greatly depending on how and when a credit card payment is accepted.

This is very important to realize as many companies will advertise a really low rate.

This very low rate should always set alarm bells going and will represent either a rate that is given for a special introductory period or one that is available only when purchases are made under certain circumstances which lead to the best rates being available.

Also, get a full rundown on every potential company that you speak to on the additional charges that they add to accounts. I am talking here about things like a statement fee and of course the transaction fee.

After this we move onto something that is normally given a lot less thought, but which is equally as important. This is the level of customer service that you can expect. At the very lest a company should have a different team for the customer and technical aspects.

So make sure to ask the questions to get proper answers on this. An example of what I mean would be if there was some sort of problem and the system stopped working and you needed to contact them to get it going again. This will happen at some point and being able to react quickly is the difference between making money and not making money.

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