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Inexpensive Merchant Accounts For Your BusinessLooking for a retail merchant account?
With a little patience, you can find inexpensive merchant accounts for your
business. How? You guessed it: shopping
around.
There are two places to find inexpensive merchant accounts for your business: banks and merchant account providers. SIDEBAR There is a third place called, appropriately enough, third-party processors. They are only for online payment processing. But if you are primarily a "brick and mortar" business that only has a small web presence, they are easy to obtain and have no monthly charges. And if you have an offline business you think won't translate online, consider this. Option 1: BanksWhen you apply for a merchant account at your bank, you will be required to demonstrate that your business has had an extended period of financial stability.Expect to present your business plan, your financial statements and various other documents. Factors considered include cash reserves, the length of time you have been in business, your tax returns, your credit history, debt load, refund policies, volume of business, cost of item being sold and other sources of income. Without a doubt, you should talk to a few local banks (start with the one that has your business account) first. While you may not find the most inexpensive rates, you may find merchant accounts for your business that are local and that you trust. In the long run, that will make for a more affordable account than any other criteria. Option 2: Merchant Account ProvidersISOs (Independent Sales Organizations) online can connect you with a merchant account. Some providers are also the underwriters of their accounts. They will generally require the same information as banks, though they tend to be less stringent in their requirements.Either way, the most important thing to look for is the opportunity to apply for free so you can apply to several and compare the rates they quote to you.
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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.
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