The merchant service industry is a very tricky business and to be honest, it is almost designed to fool you. This is why most merchant account providers will attempt to lock you into a 3 yr. contract. They want to hide those fees and once you signed on they will milk you dry until they find the next victim. First thing is to find a reputable company that does not have a contract or set up fees. Remember quotes are pretty worthless unless it's the paperwork you are actually signing on and then you must read it very carefully. If a company truly has no contract it should be advertised on their website, if not proceed with extreme caution. If you have never seen a credit card processing statement you are in for a real treat. It is not like your electricity bill where everything is fairly straight forward. There can be much information that is hidden to make it look like you are paying very little when in fact you are doing the opposite.
The Right Solution For You
There are many different solutions one can use to process credit cards. The most common are point of sale credit card terminals, E-Commerce (website), phone orders (keying in the numbers), mobile credit card processing. You want to asses where most of your business comes from to set up your merchant account correctly. In other words are most transactions going to be swiped or keyed in. Another point is even if most will be swiped but your per transaction amounts over the phone will be larger you may want to be set up for keyed in credit card processing. The reason is: if you are truly taking most of your monies from keyed in but you are set up to be a swipe account you will end up paying higher fees.
Mobile Merchant Services
New technology has allowed companies to accept credit cards on-the-go more affordable then ever before. There are applications that can be downloaded to your smartphone that will turn it into a wireless CC machine.This application works fine for smaller businesses but for someone who needs receipts printed and has a large volume of customers a mobile credit card machine would be the best solution. Many companies have high wireless monthly fees so best to do your homework to compare them. Remember there is a provider that is right for you and can provide great pricing.
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