If you have an online business and want to accept credit card payments, you need to set up a merchant account. There are many merchant account services to choose from. With so many choices, which one is the right one for your business needs? Which one is affordable and offers excellent customer service? Find out what features you should look for to ensure you get the best option possible for your online business.
Fees
Fees vary dramatically. Some services allow you to set up an account for free – these are the ones you should consider. On the other end of the spectrum, some services cost $300 or more just to get you started. Avoid these services. You’ll have to pay a monthly fee as well as a fee for each transaction. The average fee is about 20-25 cents per transaction. There are also statement fees to add in – these run about $5-10 a month. If you use address verification on your credit card transactions, this could add another dime in fees to each transaction. With everything taken into consideration, the best merchant account services can cost anywhere from $38 a month to nearly $200 a month.
Features
Excellent 24/7 customer support is an important feature that should not be ignored. You are trusting a company with your income – your livelihood – so if the service you are receiving is less than great or if you find it hard to find someone who can answer your questions or address your concerns, then find a merchant account service that can. Some services offer email and live chat as well. A good merchant account service should offer many useful options, such as a virtual terminal, shopping cart, recurring billing services and several layers of fraud protection. The service should also accept major credit cards and debit cards. You may wish to have e-check options as well.
