While accepting credit cards at your small business should be a simple endeavor, many merchants quickly find that identifying the best merchant processor for their specific needs is a difficult process. CheapestMerchantAccounts.com, the leader in independent merchant account reviews, has recently revealed the best practices for small business owners searching for a merchant processor. By following these best practices, business owners can avoid the common pitfalls and traps that ensnare many businesses.
“The biggest piece of advice that we offer to small business owners is avoiding the temptation to search for the “best merchant rates“, states co-founder Gerald Evans. “Merchant processors are well aware of this desire and have crafted marketing campaigns that look great from a high level, but leave businesses paying excessive fees and dealing with agreements filled with hidden costs.” Merchants are advised to focus on overall costs, and not be swayed by statements such as “rates as low as”, or “lowest possible rates.”
Additionally merchants are cautioned against signing with any credit card processor that employs contracts or cancellation fees. The negative impact of contracts has never been more prevalent than with the new Durbin legislation which lowers processing costs of debit card transactions. Merchants under contract have limited ability to realize these savings, and are left hoping their processors will lower the rates already agreed upon. Merchants are also encouraged to examine the customer service and ratings the processor has received before signing any agreement.
The full list of best practices and further explanations of what merchants should be on the look out for are available at CheapestMerchantAccounts.com. The website offers a full library of resources for small business owners, in addition to in-depth merchant account reviews. The website covers both niche players as well as larger processors such as Merchant Warehouse, Elavon, and Chase Paymentech.