Getting the best of the best
We all want the best things in life – the best roof over our heads, the best food in our bellies, the best clothes upon our backs. But how does one define best? That is a pretty debatable topic. However, in business, when it comes to obtaining the best merchant account, it is easy to see that the best merchant account is the one that offers zero hidden fees, with highly competitive fee structures and appealing discounts to attract and retain good merchants.

Bear in mind that “the best” does NOT necessarily mean “the cheapest”! Most people who do, may make possibly the biggest mistake in their lives – one that will cause the downfall of their business.

So how does one choose the best merchant account? Through thorough research, of course! It is a must for you to start trawling the Internet for the various merchant account providers that line the limitless boundaries of cyberspace. Compare their rates side by side, and then you will see that it is indeed easier to see who offers what, and at what sort of prices. It may seem daunting to perform researches about merchant account pricing but once you get into it, you will suddenly discover lots of associated fees that you’ve never set eyes upon before!

Here’s a list of what you should do when comparing prices in order to sign up for the best merchant account provider:

1. What are its application fees?
Find out how much you have to pay in application fees – they are usually in the range between zero (free!) to a few hundred depending on the provider.

2. What are the discount rates offered?
Search for providers that gives a good discount rate applicable for each transaction made.

3. Transaction fee payable
Transaction fees are a necessary evil but it shouldn’t be more than $1

4. Monthly statements
It is a must for monthly statements to be dispensed by the appointed merchant account provider. Some providers give it out in a timely fashion each month for free, but some have been known to charge what we call “statement fees” to their merchants. Personally I’d go for providers who won’t charge a single dime for statements which is a must anyway, but ideally the fee shouldn’t exceed $50.

5. Monthly account maintenance fee
Account maintenance fee is also another necessary evil that merchants have to put up with but it should typically never exceed $100.

6. When can you see the funds in your account?
When it comes to receiving funds, merchants can be an impatient lot! That said, it is essential to find out how long it takes for the money to be deposited to your account. 2 to 5 days should do it, and not more than 3 weeks if a customer sends money via check or wire transfer.

7. How detailed is your contract?
Never sign your contract blindly. Some merchants fail to take notice of the fees and other conditions in their contracts. What you should do is closely scrutinize the contract, take your time to read it, and then check to see that there are no hidden fees.

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