Many new merchants who are all too eager to obtain their own Internet merchant accounts may be in for a nasty shock if they are hasty in selecting their service providers. Sometimes, resellers who are just concerned about meeting that “quota” may not be totally honest in selling them a merchant account package. If these merchants could just take the time to research and ask around for advice from experienced business owners, they can easily avoid the merchant account traps set by unscrupulous providers.

Asking these 7 basic questions and gaining the answers to them may very well be just what you need before signing on the dotted line. It will also ensure a healthy relationship between you and the online merchant account service provider.

1. Can I accept credit cards both online and offline?
Do I need to get separate authorizations or permissions when setting up my account for different types of transaction (Internet, retail, phone orders, etc.)?

What other additional fees are involved if I accept both online and offline credit card charges?

2. Can I accept online payments using methods other than Mastercard and Visa (Discover, American Express, Diner’s Club, online checks, debit cards, etc.)?
If so, what are the fees and do I need to do anything to “activate” those payment methods?

3. What are the different discount rates and fees for different types of charges (Internet, in person, telephone, mail, etc.)?

4. What are the other fees related to this account – yearly, set-up, application, monthly minimum, statement, support, cancellation, discount, per-transaction, gateway access fees, card reject fee?

Are these subject to change?

Are there any other fees?

5. Do I process charges manually or automatically?

If manually, is it possible to get automatic processing?

If so, do you provide a secure online payment gateway?

How do I do it and what extra charges will I pay?

6. What other software and services do I need to become fully ecommerce enabled online (such as secure gateway provider, etc.)?

Do you have a list of compatible or preferred providers?

7. Do I need additional hardware or software?

If so, what is the cost and how do I get it?

Ask these questions and establishing a mutually comfortable relationship with your Internet Merchant Account provider from the start. It will help you avoid “traps” and lay the groundwork for a long, solid partnership.

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