Comments on: Merchant account- should I pick the cheapest one around?

By: Alena from FDIS-westcoast.com

Alena from FDIS-westcoast.com — Fri, 05 Mar 2010 13:47:51 +0000

Specializing in small and medium-sized businesses in both traditional and Internet environments, we at FDIS-westcoast.com think the answer is NO.

Prior to applying you should check acceptance rates, as going through this tedious process and getting rejected is frustrating!
Also, compare technological capabilities. There are a lot of players out there, and it’s almost never apples to apples…

Best of luck with your new merchant account!

By: Craig K. Ray

Craig K. Ray — Sun, 31 Jan 2010 19:09:25 +0000

Moved to NatWest when undertaking a huge expansion of our small company 6 years ago (from Barclays as they were not helpful with our plans). I don’t know why I’ve stuck with them for 6 years, the personal business manager is useless, their customer relations are non existant, their attention to our needs is zero, no calls back, no help whatsover. Don’t waste your time with NatWest. They are hopeless and I’m now going to look elsewhere.

By: Chara Rabon

Chara Rabon — Sat, 09 Jan 2010 20:41:07 +0000

I found a German website with information about the highest interest savings you can get from banks.
More info (in German) can be found at: bankenrente.nl/Lijst-met-de-rente-van-de-banken.html

By: PaymentGuy

PaymentGuy — Fri, 18 Dec 2009 20:04:11 +0000

Cheap is the way to go if you know a few pitfalls to stay away from. The right Questions and staying away from fly by night processors is the way to go. If a company only has 1 or 2 reps in town, and those reps serve as both sales and installation tech guys you’re going to have problems in the future because odds are they won’t be there in 6months when your terminal breaks. Second these companies are bottom feeders (brokers of brokers) if you actually have a truly competitive bid from a reputable company and one of these fly by night processors says they can blow it out of the water they are desperate and lying to you. Go with a reputable company, First Data, Heartland, US Bank, Bank of America, etc.

An easy way to find a good company is to Google their name, if you find a dozen ripoff stories talking getting screwed on leases find another company. If a sales rep tries to lease you a terminal as a first option, show him the door. A basic warranted dial terminal still in the box can be purchased online for $150-$250. Ex. Vx510 or T7plus. If a sales guy is pitching a lease to you for one of these popular terminals for $29.95 a month he’s trying to take you to the woodshed. Ask him how much if you just wanted to buy it outright and you will get an inflated cost quote like $600-$900 to scare you into signing an ironclad lease for a $200 terminal for $19.95 for 48 months.

If you have found a couple reputable companies and a descent rep that shoots you straight about terminal prices then its time for some inquisitive talk.

Rules of Thumb.
1. never agree to pay an installation fee or application fee

2. never agree to pay annual fees

3. Monthly fees should range form $5.00 to $10.00

4. Before buying a terminal research the going price on Ebay or another reference that is not tied to a processing company.
*note: Most companies will match any price you find on a terminal.

5. Contracts are optional. Always ask the length of the contract and ETF or Early termination fee. If you don’t won’t a contract don’t mention it at the beginning of negotiations, wait till the deal you want is on the table before you say ” now if you can make this contract a month to month deal I’m ready to sign.” They may play hardball but stick to your guns.” After they agree to write the deal on a month to month basis make sure you see it in writing.

6. Finally the meat and cheese, Discount rates and Transaction fees. This part gets tricky. The best way to understand and not get lied to is to take one of your previous statements and divide the total amount charged by the total volume processed. This will give you an effective rate like 2.50% for example. Have them bid in these terms. If my current effective rate is 3.25% and another company looks at the same statement and promises that they can lower my effective rate to 2.25%, I know exactly what I’m being offered. After I take the deal and run a couple months with the new company all I have to do is find my effective rate on those two months. If my total rate now is know where close to 2.25% I know I got lied to. Luckily I signed a month to month deal and can switch to a company that can deliver on there promises without costing me anything but time.

Hope this helps and best of luck

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