How To Choose a Merchant Account Provider

Choosing the right merchant account provider is one of the most critical business decisions you will make.

Don't be misled by just a single item of low fees. It is important to add up all the fees and charges before you make a final decision. A merchant provider that offers a low discount rate may look to make money elsewhere, from bloated application fees to statement fees.

The right choice for you will depend on several factors:

• Are you selling online or offline?
  Online and mail-order merchants can expect to pay a premium because credit card fraud is more common on the Web than in a retail store.
  
  
• How high is your sales volume?
  The initial costs of opening your own merchant account is usually higher than when you use a third party merchant services. If you only make an occasional credit card sale, third party merchant services are a simple and inexpensive option.
  
  
• What's the nature of your products?
  If they are large and expensive, perhaps you ought to choose a merchant account provider that offers a higher flat-rate transaction fee and minimizes the discount rate. The opposite is true if you rely on small, high-volume sales.
  
  

Understand the provider's fee schedules

In particular, look for the following fees and rates:

• discount rate
• application processing fee
• setup fee
• monthly limits

Important things you should consider:

• Did you understand the fees and rate policies?
• What is included in the setup fee and standard service?
• How much is this going to cost, and what is the fee structure?
• What is the performance and reliability of the service?
• What kind of support will you receive?

To select your merchant service provider:

Go to Merchant Account Providers page.

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