Whether or not a business accepts credit card payments can make or break a deal with a potential customer. Therefore, signing up for a merchant account is among the first steps to take when starting a business, either physical or online.
That said, choosing a merchant account provider can be overwhelming. While the choices are many, companies have different policies and qualities. Moreover, the merchant services industry is notorious for unethical agents, hidden fees, and expensive contracts. With so many things to factor in, impatient dealers often go with the cheapest option.
Nevertheless, some research is usually all it takes to land a quality provider. Below are four essential factors to consider before opening a merchant account:
- Your processing needs
Many traders simply find the firms that best suit their budget and work back from there, the assumption being that the chosen provider will be able to work outside …