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SOME FREQUENTLY ASKED QUESTIONS ABOUT PENNY AUCTION CREDIT CARD PROCESSING

Making a choice of merchant account provider will take some time if you want to make the right choice. Making a wrong choice in this case will cost you dearly. You will loose several thousand dollars, waste of your precious time, frustration and waster man – hours. Therefore, do some research before buying a merchant account.

1)    How to make the right choice of a “Credit Card Processor”?

The most significant factor while selecting a processor to process credit cards is the firm that you choose. From the outside, any 2 credit card companies will look very similar. But, when you look in to the contracts you will be surprised to see that they are totally different from each other.

Given below are a few questions for which you should find the answers before making your decision.

a)    Is this firm registered with MasterCard and Visa?

If, yes then you are serviced by a vendor who is licensed by MasterCard and Visa.

b)    Does the name of the business on the representative’s business card match the name of the business mentioned in the contract?

c)     What is the primary focus of the processor?

If it is corporate accounts, then you should not go with this company if you are the owner of a small business.

d)    Is the customer service of the processor 24/7?

e)    Are any fees applicable for the customer service that is provided?

f)     What is the quality of the service that they are providing?

It will not seem, very important at start, but later on you will be fed up of the processor if his services are not good.

2)    Are there any companies offering free credit card processing?

Many people are under the false impression that they aren’t paying a single penny to take credit card payments. It’s like saying that you are getting electricity and phone services for free. “Credit Card Processing” is also a service and a business like any other trade. You have to pay to get those services. Discover, American Express, MasterCard and Visa charge some percentage of each transaction to every business.

There are merchant account providers who are authorised by MasterCard and Visa.

3)    How much fees is correct?

The rates and fees for credit card processing called as discount rate primarily depends on the type of your business and the type of transactions that you want to process.

You should get an e – payment processing system which will not cost you much and which suits your type of business. You should also consider the quality, product line and the different processing options that your provider will offer.

4)    Does it cost a lot to have a merchant account?

Having a merchant account will not cost you much. But not having it will cost you dearly and you may have to shut down your business.

Having a merchant account will allow your business to accept credit cards which will only attract more customers to your business. 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.