![]() |
![]() |
|||
Banks vs. ISOs: Comparing Merchant Account ProvidersMerchant Account Providers (MAP's) fall into two broad categories:
So who should you get your
merchant account from? Ahhh... there's the million dollar
question! Banks Banks
are the trekkies of the merchant account providers universe.Banks love rules. Unlike ISOs, they operate in a highly structured and highly regulated environment. And let's face it, many people are simply more comfortable with this, "although it must be admitted," saith Mr. Spock, "that the appearance of stability does not ensure that it exists." Because they are the more regulated merchant account providers, banks tend to have much stricter, and more complicated, merchant account applications and application requirements. Don't even think of showing up at a bank without your articles of incorporation, business plan, and financial statements. ISOs ISO
merchant account providers are definitely Star Wars folks. They're an
awful lot more laid back. As they are not as highly regulated as banks, ISOs are much more likely to accepting higher-risk businesses. In addition, many also offer associated services, especially to online businesses, such as shopping cart capabilities. And while they may not be as familiar as the bank down the street, ISOs tend to have much simpler, and less invasive applications. Many of them allow you to apply for free and waive their start-up fees. Because they vary in quality, as well as services and packages, you will need to be willing to shop around and price ISOs. If you are not willing to do this, I suggest you seriously consider using a bank if you can. Banks typically have higher fees, but are also more consistently reliable. So, with those thoughts in mind, there's only one thing left to do... Pick your poison...Submitted articles | What is this?Account card credit merchant processingAccount Merchant Provider Service Generally, the application is low-cost or no-cost. And if it is a reputable service, it does not lock you into anything. So there is no reason not to look into it. For all the price advantages of ISOs, at the end of the day, it's nice to know you have a person you can talk to instead of an 800 number to call. That said, you should also apply with several ISOs. Each merchant account provider will have different packages, each will assess risk differently, and each, therefore, offers the possibility of being the most affordable merchant account for your business. ... and as alwaysChoose carefully.Make sure you have all the fees thoroughly explained to you. Many providers will lower their fees in one area only to inflate them in another (see the article on Rates and Fees). So be picky! Some merchant account providers are seedier than a Tatooine cantina (sorry, couldn't resist).
| Homepage | Merchant Account Providers | Submitted articlesBank Merchant AccountDebit credit card processing Account merchant online |
Search the Site
Custom Search
What is inexpensive?!An inexpensive merchant account is...
Competitive pricing:*internet/mail/phone2.25% discount rate 25 cent transaction fee Retail (face-to-face) 1.85% discount rate 25 cent transaction fee Gateway fee $17 month Statement/service fee $10 month If you are considering several merchant accounts and the prices are in this range, stop using price to compare. It's time to compare service, support, features, etc. Look beyond price.
*These rates are taken from Charge.com.
Thank you thank you thank you!This site is just what the doctor ordered. Thanks for keeping me from makeing [sic] a big mistake! James Adair, |
|||
|
|
||||
|
Copyright©
2008. How-to-get-an-inexpensive-merchant-account is an information and research site only, not a merchant account provider | Disclaimer
|
||||


Banks
are the trekkies of the merchant account providers universe.
ISO
merchant account providers are definitely Star Wars folks. They're an
awful lot more laid back.