Things you should look for when shopping for a merchant account provider

High Risk Mad Rich explains what a merchant account is

1. Who is the company that your applying with to open your merchant accounts?

A. Do they have a positive online presence?.
B. Do they have any happy clients you can call for a reference?
C. Do they Actually have a business License or Article of Incorporation?
D. Are They Experienced & Have they Been In business longer then two years?
E. Do they Answer their Phones?
F. Do they have several banks to diversify your account to get you an Approval?

2.How long have they had your account for?

A. Some Processors will hold on to your application for a long period of time.
B. If you haven’t herd anything positive for a couple days move your merchant account application.
Chances are they don’t have the ability to place you.
3. Do they charge a processing or application fee for your merchant account?

A. Chances are if not, they aren’t committed to your account.
B. They will not work hard on placing the Merchant Account.
C. They don’t see any profit in your merchant account if your not willing to make a commitment.
D. Nothing is free, so if they tell you that, chances are, it’s not true you will pay for it somehow within your fees.
E. Everyone needs to see profit, processors, and brokers, as well as banks. Don’t forget businesses are in business for a reason.
F. If you pay the merchant account application or processing fee, chances are you will be approved because you’re worth working for.
4.Are you applying through a merchant account broker or a processor?

A. A Payment processor will not open up another merchant account for you; this is how they make profits
B. A payment-processing broker has several relationships.
C. They will help you manage the account and move it any time you may need it.
D. A good merchant account broker is valuable and will also create back up plans.
E. You can also make streams of income by referring other business to them.

5.How stable is your account to the banks in payment processing?

A. Do you have all your documents in order?
B. Are you efficient at getting them together?
C Weather large or small, do you have any financial history to show?
D. Is the bank making any profit on the merchant account?
F. Is there an incentive to work hard for you; to keep solid payment processing?

All these things are very important when shopping for a merchant account.

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