Small business merchant accounts are on the rise. Some might say that the ole’ credit card terminal may be on its way out due to the recent advancements in technology and computers using pc based credit card processing. While in some cases this might ring true, in most cases it is not. Not to say however that there is plenty of room for pc based credit card processing and then some!
When searching for small business merchant accounts you could use default services like pay pal to process your payments, but you will be paying out the nose for fees. Of course the sign up process for these sites is quick, easy and effective but the higher rates make up for the time you didn’t have to spend on the front end reading through the fine print (and its a really good idea to read it). If you have a small home business and are looking for something reliable these services may be perfect for you. But if you are doing big business every month those 3% fees can really add up!
It’s absolutely paramount that you are careful when you choose the right merchant processor too. There are a tremendous amount of deceptive practices out there, and you really need to watch out for yourself. Some of my other articles go into finer detail on what to watch out for when deciding who to go with for your merchant processing needs. Below are just some examples of my own observations in the field and what can happen. These are people that I have either come in contact with myself, or friends of friends I know.