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If you run a business website, chances are you’ve run up against the issue of how your customers should pay you. If you’re making over $1000 every month, consider a merchant account. Here’s how to choose the right one.
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Get the right type:
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Not all merchant accounts are created equal. Card-swipe and keyed-entry accounts expect that the merchants will see their customers in person. Internet businesses need accounts that allow you to collect payment information without ever meeting the customer or swiping the card.
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Look at the bill:
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Ask for explanations of charges. Expect set-up fees of $200 or more, as well as statement fees of $10 or so per month, and virtual terminal fees of $10-$20 per month. Most will charge commissions on each sale—usually between 2% and 4%.
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Expect good service:
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You should get paid no more than 72 hours after the sale. Look for 24/7 customer support, ready-made shopping carts and payment forms, and fast service. Ideally, these perks won’t cost extra.
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It takes research to find a good account, but your money will be safe, and your customers will perceive you as more professional. The money you make will outweigh the cost of doing business this way.
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