We completely understand that getting your new business up and running can be exciting as well as challenging. There are hundreds of things that you need to get done in preparation. You are not alone in putting your merchant account on the bottom of your to do list. In fact, we have found that most new business owners in Orlando Fl don’t fully understand what a merchant service account is until it is time to address it.
The reality is, accepting credit cards is a necessary for the growth of your local business. Most new business owners are shocked when they see their ACH bank debit that is related to their first month of accepting credit cards. Don’t let that be you! Instead be prepared and in the know, of what is to come. Even though it is a major cost, there are some things you can do to reduce the expense, and give your business the advantage it deserves.
As you know that the business world is a competitive arena. When first entering the marketplace, its essential to get off to a good start and not overlook certain expenses, especially when they are residual like your merchant services.
You CAN significantly reduce the cost associated with accepting credit cards by working with a trusted partner. Here is our checklist for new businesses to help them make sure they choose a great Merchant Service Provider:
Avoid Expensive Equipment
Unless you have no choice but to start your business using an expensive point of sale system like Micros or Aloha, we highly recommend avoiding this major cost and starting with a basic terminal like a Vx520 or Pax S80. Choose a merchant service provider who provides this equipment for FREE! Absolutely do not sign a lease agreement for a credit card machine. Because these end up costing thousands of dollars and causing major headaches.
Be Vary of Long Term Contracts
Many providers require a 3 year contract. If you ever need to cancel before the 3 years are up, there is a large fee. If you don’t pay this fee, they will debit your account $25 – $50 per month until the 3 years are up! They can’t give you better rates by putting you into a contract, so don’t buy that BS. Do yourself a favor and choose a merchant service provider that offers a Month to Month Agreement with no penalties to ever cancel.
Interchange Plus Pricing
There are many different pricing structures such as Flat Rate or Tiered. Interchange Plus A.K.A. Pass Thru, is far and away the BEST. Make sure to choose a merchant service provider offering you Interchange Plus Pricing. DO NOT accept any other options.
Every merchant service provider has a 24/7 support line. Yes, some are better than others. However, it is far more important that you are choosing a merchant provider with a reputable agent. Make sure they are who they say they are; research them and talk to their current clients. You need an agent who you can reach at a moments notice and who has a vested interest in your Business success. This is probably one of the most important decisions you make when choosing your provider. If you get this part right, the first 3 recommendations above will be automatic.