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4 Must-Have Merchant Account Features

There are several points to be taken into consideration before choosing a merchant account. The following are the four vital features to be considered while looking for the most suitable merchant account for processing of credit cards:

Interchange Pricing – This feature was previously available only to large businesses. However, now-a-days interchange pricing has become a mainstream feature. Interchange pricing is the application of the standard mark-up price to the real cost of processing each transaction. This feature is also referred as cost plus or interchange plus. Interchange pricing is far more transparent and less expensive when compared to the well known tiered pricing model for merchant accounts. It may be a difficult task for smaller businesses and start-ups to obtain interchange pricing. In this case, it is advisable for merchants to compare the various quotes given by multiple providers. Due to the competition factor, merchant might just find better fees and rates for merchant accounts.

No fee for cancellation – It is not the norm of the industry of processing credit cards to carry large sums of cancellation fees. In recent times, the merchant account service providers have begun providing accounts on monthly basis due to high competition from other service providers. The best account usually does not have cancellation fees.

A dedicated, knowledgeable representative – Something that needs to be avoided when assistance is needed is the wait for the next representative who is available. Best merchant accounts will always have dedicated representatives who can be called whenever help is required. It is very valuable when relationships are built with the merchant account representative. A better solution is the find local representation that delivers loaner terminals or supplies in bad situations.

Values other than fees and rates – Low fees and rates are very vital when a merchant is on a look-out for the best possible merchant account. However, one must remember that fees and rates are not everything. Good merchant accounts have values in other parts as well. One needs to look at factors such as machines for credit cards and gateways. Taking into account these factors helps a merchant to switch from one provider to another without purchasing new equipment and modifying the existing web site for e-commerce.

Another feature to be kept in mind is to look for merchant accounts which provedes good customer service. The best suited terms for customer service must be thought about well in advance by the merchant. Points such as having local representation or making calls when help is required are should also be considered.

It is a difficult task to grind all the aspects of the best merchant account features into 4 categories. However, the above mentioned points give the basis for a start while looking out for a merchant account. Comprehensive information about merchant accounts should be found out in free moments. Merchant processing is one among the larges businesses with recurring expansions. Hence, it deserves a merchant’s time to find the best possible merchant account features.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.