If you’re opening a new merchant account for credit card processing, you will want to explore your opportunities to guarantee the best option for your new account. We’ve come up with five questions to ask your merchant account provider before jumping onboard.
1. What Are Their Rates?https://www.total-apps.com/payment-processing-news/why-every-merchant-account-provider-is-a-scam-artist/
It’s important to know what your exact interchange rates will be before signing up with a merchant provider. A provider’s rates can range anywhere from Interchange + 10 basis points to 2.15% + $0.25; they are contingent on the particular merchant or business type. While some companies disclose their rates, most choose to provide merchants with a free quote in order to accurately estimate the rates. Inquiring into multiple merchant providers’ rates will help you find the perfect fit!
2. Will They Ask For a Reserve?
When a merchant account is considered high risk, merchant providers withdraw reserves to ensure security from chargebacks and other issues that may develop. Risk is evaluated based on merchant’s likelihood for chargebacks, business history, credit, and business type. Your merchant provider will explain your risk assessment and whether or not a reserve will be taken out.
3. When Will My Money Be Released (What’s My Disbursement Schedule)?
The disbursement process depends on the clearing bank your merchant provider works with. When a credit card sale is approved, the payment is deposited into your merchant bank account after the funds are transferred through the clearing bank. The transfer typically takes about two to three business days to arrive in your merchant account.
4. Do They Have Their Customer Support Staffed In-House?
Most merchant providers have online chat rooms and support hotlines listed on their websites so merchants can easily find help when it’s needed. If you are looking for a more personal experience, ISO’s like Total-Apps have easily accessible and understanding in-house support teams. We find this to be one of the most important questions to ask your merchant account provider.
5. Do They Have Good Documentation Available On Their Website?
When navigating a merchant provider’s website, look out for helpful pages with merchant account information or merchant resources. Some websites have beneficial blog posts and articles for merchants researching additional information on a provider’s products and services. On your merchant provider’s website, you will find a Merchant FAQ page in addition to a step-by-step guide to settling up your merchant account.
Setting Up a Merchant Account with Total-Apps
Total-Apps provides merchants with a free cost-savings analysis in order to match or even beat other provider prices. With Total-Apps, you are given a dedicated account manager who guides you through every step of the application and account set up process.
Concerned about credit card payment processing issues? Don’t fret – Total-Apps allows you to accept VISA, MasterCard, Discover, and all debit cards. Our proactive support teams are always one step ahead of managing your account growth and we are committed to fraud prevention and chargeback flags.
At Total-Apps, we are dedicated to providing payment solutions for eCommerce, retail, mobile, social media, and high-risk industries. We go beyond just credit card processing – we offer video solutions for nonprofit and political fundraising. We also offer dual hashtag purchasing options using Twitter and have split payment technology for sophisticated multi payer needs. From easy to access payment solutions to our remarkable customer service, we will be with you through the entire process of starting your new merchant account.