The Ins and Outs of Choosing a Mobile Merchant Account

This lens is brought to you by Accept by Phone - accept major credit cards from any touchtone phone for only $5.00 a month at 3.95%.  See account details here >>>
----------------------------------------------------------------------------------------------------------------------
 

The Ins and Outs of Choosing a Mobile Merchant Account

Mobile merchant accounts allow you to take a credit card payment at any time and in any place. The costs of taking credit card payments have also been greatly reduced and using mobile technology a building contractor called to fix a leaky roof, an osteopath called to a patients home or an attorney in a client meeting can receive payment and get on with delivering their services immediately. Mobile merchant accounts deliver the ability to transact business with a touch tone telephone. You can close a deal on the spot and never have to wait for a retainer check or an insurance confirmation to arrive in the mail before getting to work.

Choosing the mobile merchant account that is right for your business and will help you to close out your competition is the purpose of this brief article.

What am I looking for?

I want a merchant account that suits me

When it comes to your business, you are the expert and know more about how it operates and functions than anyone else so look for a mobile merchant account that suits your business style and organization. With the choice of merchant accounts available, you should not be required to change the way you do business simply in order to accept credit card payments.

Watch for unusually low setup fees, high monthly service charges or minimum quotas that you must satisfy in order to avoid being penalized. Accepting credit card payments should simplify your business not complicate it, so as a mobile business on the move, look for a service that does not require you to invest in expensive equipment and uses a toll-free number for processing transactions.

The bottom line – how much will it cost me and what are the hidden extras?

The competition for merchant accounts is now very fierce and there are a large number of introductory discount rate offers available. Be clear what the terms will be as a discounted introductory fee will often eventually give way to the full charge service while the contract will tie you in to the deal for a substantial period after the offer period has expired. Always look at the total cost that is incurred for processing credit card transactions. Be sure that you are fully informed of all of the fees and commissions that are charged by the merchant account provider as there are many additional “extras” that suddenly appear on your billing statement with many providers.

Find out what the merchant account provider has in place for cancellation fees, and get a comprehensive and clear view of their charging structure by carefully reviewing the terms and conditions of the service. This will allow you to work out exactly what your margin and overheads will be.

How safe are my customers and their financial information in someone else's hands?

Merchant account providers are third parties who are in effect “brokering” the flow of money from your customer to you. To do that they have access not only to your own financial information but also that of your customers. Security of this information is vital and if anything happens to it, the customer is going to be looking at you as the reason they have fallen victim to another financial fraud scam or identity theft. And your liability in this manner may reach much further than a simple individual dispute.

Remember: your reputation (as well as your money) is in their hands!

Look for where the merchant account provider is located and avoid providers with call centers outside the United States. Merchant account providers are frequently using the Third World to handle customer care operations, which can often result in lackluster service in comparison to what you require as a serious business person or professional.

Ultimately, you are responsible for your money.

Conclusion

Building your business requires you to deliver consistently good service and products to your customers time and again. How you take money from your customers is also a part of the service package that you are offering and the experience should be simple, secure and risk free. At the same time you need a service that will not eat into your profit margins by adding an excessively high layer of overhead to the cost of transacting business. More than this, a mobile merchant account should enhance and increase your ability to transact business on the spot, anytime and anywhere.

Check the fine print of any contract especially for the total cost of the service and any lock-in period of the contract. Call the customer support center and see if they answer within a few rings of the telephone and check how long it takes to speak to a human operator. Do not sacrifice quality and security for a lower price, this is could turn out to be a very expensive mistake in the long run.

The bottom line: a mobile merchant account should add to your business service offering and profitability in every way that matters - not detract from it.
---------------------------------------------------------------------------------
This lens is brought to you by Accept by Phone - accept major credit cards from any touchtone phone for only $5.00 a month at 3.95%. See account details here>>