Merchant Account Providers

So you want to start processing credit cards from your business. That's great but where to begin? There is a vast sea of merchant account providers to pick from. Some companies are simply better than others. Hopefully this lens will help you make a wise decision for your business.

To start out, here is some positive news for retailers coming into this year:

In the final two months of 2007 Americans spent close to $30 billion online, with a vast majority of those purchases made using credit cards.

There was also a small but important shift in consumer buying patterns - that being people started to use online stores for more everyday purchases.

At this point even the most hardcore skeptic should be convinced that processing credit card transactions is good business -- so what's your next move? How do you wade through all the choices available?

Go with an Established Provider

The established companies have met the test of time and as a rule don't charge junk fees for things like submitting an application or card processing software. And because of their depth of experience and broad customer base, the leading companies are able to have most of their merchants processing credit cards within 24 hours of their application being accepted.

Most competitive companies also offer a streamlined online application that will take you less time to complete than you spend establishing a checking account.

Other considerations are making sure your merchant account provider offers easy access to all the major players - VISA, MasterCard, Discover and American Express - and that all funds generated from card transactions are deposited into your bank account as quickly as possible.

Other Considerations

One thing to look for from any merchant account provider is a list of their fees. Be wary of companies that hide or don't prominently display a fee table. Cost shouldn't be the only deciding factor, but it's obviously an area that will affect your bottom line.

And finally, gravitate toward companies that do not charge for technical support and have support available when you need it. Again, that is an indicator that they are a legitimate company and actually care about their merchant base. It is also often a sign that they own their products, which allows them to service what they sell -- this alone will save you money should something ever go wrong.

Go Wireless

Businesses do not have to be bricks-and-mortar or on the Internet to have credit card services. More and more companies that have field sales agents or service personnel (plumbers, limo/taxi drivers, contractors) now have the same ability to join the credit card revolution as any other business with secure wireless processing.

Among the options you would want from a wireless merchant services provider in this case would be the acceptance of credit/debit cards, check conversion and/or guarantee and multiple carrier options that are compatible with a wide range of front-end merchant processors. Wireless credit card processing is available now for any business model and for any budget.