Getting the Best Deal on your Merchant Account and Equipment
Today many businesses may process a large percentage of sales if not a majority via credit. Therefore finding the lowest processing rates and equipment cost is crucial to maximizing profits.
Fortunately, as with most products and services, the internet now makes it much easier to find the best deal.
Use the competition to your advantage:
There's a lot of competition out there in the Credit Card Processing industry. Use it to your advantage.
The market for new merchant accounts is highly competitive and providers are willing to do whatever they can to get your business. Shopping online for Merchant Accounts is a great advantage because there are literally dozens of providers vying for your business compared to the very few you may find locally. Use this competition to your advantage and get quotes from at least three different providers. Most importantly, don't be afraid to let each provider know what their competitor is offering. Processing rates and fees aren't set in stone. Providers can move things around to try and best their competition. Let each provider know what the other company is offering and you may see rates and fees drop. For example, Merchant Warehouse has a written low cost guarantee for both equipment and processing rates. Use this to your advantage and bring other quotes to the table when negotiating a rate.
The website CardFellow.com is a great resource for getting quotes for a new merchant account. All you need to do is create a free account and providers will give you quotes right online. CardFellow will also help you select the best quote by working with you and the provider through their on-site Merchant Message Board. It's great service definitely worth checking out if you want to compare quotes. Merchant Warehouse has a low cost guarantee for both equipment and processing rates. Use this to your advantage and bring other quotes to the table.
While comparing rates, keep in mind, that any offers that sound too good to be true may just be. Any rate that seems too low or offers for a free Credit Card Terminal may end up costing more in the long run. Often times low quotes or free terminals are used to bate new customers then after a contract is signed rates go up, they provide poor service, have long term contracts and have unfair early termination fees. So when comparing rates just make sure you do your research on any company you are considering working with. Google them, check with ripoffreport.com and the BBB to make sure that they do not have a lot of unhappy customers from the past. This will be a pretty good indication of what kind of service they provide, if they are a reputable company and upfront with their quotes.
Equipment doesn't cost a fortune.
One of the biggest misconceptions about credit card processing is that credit card machines cost a fortune to purchase. That's just not the case. Very good terminals with thermal printers and other bells and whistles can be purchased new for $400 or less. Wireless terminals and other specialty equipment may be slightly more expensive, but it's still very reasonable if you find the right provider. Merchant Warehouse has dozens of top quality new terminals for under $300 some even as low as $100.
While you do need to be wary of free Credit Card Terminal offers, if you are looking for the cheapest upfront option then this may be the best option for you. You are actually leasing the Terminal and usually a term contract is required. If you cancel early there will be an early termination fee and you will be required to return the terminal via certified mail. If you do decide to go this route be extra careful when reading the contract and service agreement so you are sure of exactly what you are getting. CLICK HERE for a free credit card terminal offer with no contract or early termination fee.
