Top Myths About Merchant Accounts

Separating Truth and Myth

You’ve reached that point where your business has grown large enough to where you need to open up a merchant account. While researching the best accounts, you may have come across contradictory information regarding merchant accounts. When it comes time to choose the merchant account that’s right for your business, it’s helpful to clear up many of the misconceptions.

Reading the Fine Print

No matter what type of contract you’re signing, whether it’s for a merchant account or a new car, you should always read the fine print.  Review the fine details of your contract. Make sure you know what is expected of you and your service provider. You want to be aware of any monthly minimums, early termination fees, potential annual fees, and more. Having all the knowledge up front will save yourself a headache down the road.

The Application Process

Some businesses don’t open a merchant account because they believe either the application process is too long and difficult, or it’s too hard to get approved. Traditional businesses may be more inclined to steer away from merchant accounts because of these factors. The actual application process is straightforward, especially when working with a reputable company. As long as the business in question can provide the necessary documents, applying for a merchant account shouldn’t be difficult.

Switching Providers

You’ve been working with the same merchant account service provider for a while, and believe it would benefit your business to switch providers. If you’re not happy with the price or services, and spent countless months building a relationship with your account manager, it’s not only possible, but worth the hassle. With your pre-existing merchant account, getting approval with another company will be much easier.

Your Industry Matters

Depending on the industry you do business in, you may believe you won’t be approved. Many startup companies forego applying for a merchant account because they believe they won’t be approved. This isn’t the case. Startups can’t always show an extended business history, but they can still be approved. High-risk merchant accounts approve most businesses in riskier industries, but they may require higher premiums.

TOTAL-APPS Solves All Merchant Account Needs

When you’re ready to open a merchant account, TOTAL-APPS makes the application process simple and straightforward. Regardless of your industry, TOTAL-APPS works with businesses to set up the right merchant account, from standard to high-risk.

Contact TOTAL-APPS today to set up your new merchant account.