A wise man once said a good merchant account won’t make your business, but a bad one will break it! We recommend you check out the five common mistakes a merchant would make in the process of acquiring a merchant account, so that you will take necessary measures in avoiding them.

1. Being distracted by attractive “discounts”
See, the thing with salespeople is that they are so good at what they do that they are able to make you focus on a particular low rate, not realizing that there are additional fees hidden in a nook or cranny elsewhere.
Countering this mistake: Get the merchant service salespeople to list down every fee you can think of. If you can’t think of much, be sure to do your research or grab an observant friend/partner so that you won’t miss out on those “hidden” charges.

2. Being cajoled into buying something you do NOT need
How many times have you went into Walmart wanting to buy a carton of milk but ended up getting tuna, bacon and toothpaste? The same thing happens when you go shopping for a merchant account. Salespeople will want to convince you to get certain models of card swipers or printers from them, but don’t fall for their tricks.
Countering this mistake: Get more options and do your research. There’s bound to be a rogue merchant service salesperson or two so don’t be suckered into their sales tactics.

3. Being tied to a binding contract
Contracts are like a double-edged sword – it can work for AND against you. In this case, if you get caught inside a longterm contract, you may find yourself holding the short end of the stick.
Countering this mistake: Read between the lines and never be tempted to sign a long term contract, no matter how attractive the terms may sound!

4. Choosing a merchant account over a shopping cart
If you must spend money on something that will improve your business, it’s gotta be a shopping cart software. Some merchants ignore the importance of obtaining a quality shopping cart software – as a result, their business may take a dive.
Countering this mistake: An easy way to see what sort of shopping cart software are being used by your rivals…

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