When you start looking at the different options available with

credit card merchant accounts, you can quickly become overwhelmed - and

possibly even confused. Often, the information is so confusing and so

overwhelming that important information gets overlooked. Here are some

questions that you need to ask when you are shopping for an account:

• Is

  Proprietary Equipment Required? Proprietary equipment or software can

  only be used with that particular processing company. While you may not

  think that this matters right now, it can matter a great deal in the

  future because if you decide to switch to a new account, you may be

  required to purchase new equipment or software. In the case of

  software, this is usually provided by the company, at no additional

  cost, but in terms of equipment, this must be purchased or leased.

• What

  Type of Processing is allowed with the Credit Card Merchant Accounts?

  Is processing available online and at the Point of Sale? What about

  telephone orders and mail orders? Not all accounts allow for all types

  of processing, and you need to make sure that you can process credit

  cards in all of the situations where payments will be collected.

• What

  is the hold back percentage? Different processors have different terms

  for this, but this is essentially a percentage of each sale that is

  held back by the processing company - instead of being sent directly to

  you or your bank account - to cover any potential charge backs in the

  future. You need to know what that percentage is, and how long those

  funds will be held before being released to you.

• What are the

  fees for credit card merchant accounts? As a sales pitch is made to

  you, sales people are famous for telling you about one fee, then

  telling you about features or other information, before telling you

  about yet another fee. They essentially separate those fees out in

  their pitch so that you don't notice just how many fees there are, or

  what they are amounting to. Get a complete list of the fees that will

  be charged for the entire service, so that you can see all of the

  potential fees together, at the same time.

• Is mobile processing

  possible? If you will ever be in a situation where you need to collect

  credit card payments without being at your place of business, you will

  need mobile processing - not all accounts will allow for this,

  especially if mobile equipment has to be used, instead of their own

  proprietary equipment. Make sure that you find out before you make your

  decision.

While these are often the most overlooked questions when

shopping for Credit Card Merchant Accounts, you may have additional

questions that you want to ask. Make a written list of questions that

you have before you begin your search, and make sure that you include

these questions on your list as well. Have that list with you when you

are searching for the right account - even if that search is online.

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