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- Give yourself enough time: While it's true that most
merchant accounts can be set up in a few days, it does sometimes
take longer. It's a good idea to start thinking about setting up
a merchant account a few weeks before you plan on using it.
While you will probably be pleasantly surprised about how
quickly you get set up, nothing could be more nerve wracking
than waiting to get your payment gateway set up the day you plan
to start taking orders. You will have plenty of other
challenges in those last few days before you open for business.
- Your local bank may not be the answer: While most
merchants like the idea of doing business with their local bank,
many do not realize that the bank may have little experience
setting up merchant accounts. Most smaller banks refer their
business to a third party to do the processing and receive a
commission for doing so. In fact, over 200 bank branches in the
New England area alone refer their customers to Merchant
Warehouse. Going directly to the processing company will usually
save you time and money. Your can still have your funds
deposited into your account at your local bank.
- Understand all of your fees: When you first get a
quote for merchant services some fees may seem a bit foreign to
you. Don't worry though, after you take a few minutes to go
through the fees it will seem simpler than your phone bill. Take
the time to go through your application and ask questions about
fees you don't understand. Taking the time to go through the
fees may save you an unpleasant surprise when you get your first
merchant statement.
- Make sure the rates you are quoted are for mail order:
Many merchants may find that they are quoted an unusually low
rate for mail order transactions. Double check that the rate you
are quoted is the correct rate for your type of account. Many
merchants have mistakenly signed up for a retail account with
low rates and found themselves getting charged much higher fees
because they were not physically swiping their customers cards
through a terminal. A good way to tell if you are being quoted
an incorrect rate is that most retail businesses pay less than
2.00% for cards they can swipe through a terminal, while mail
order business are charged significantly more for their
transactions.
- Choose a leading gateway: While some newer gateway
companies have excellent products, nothing beats the reliability
and the ease of integration that the more established gateway
companies have. By choosing a gateway company that has set up
hundreds of thousands merchants, you'll know you are getting a
product that works. Merchant Warehouse carries payment gateways
from only the most established companies.
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