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Retail Merchant Accounts

May 18, 2012 by · Leave a Comment 

This article was submitted by David Anderson of www.Total-Merchant-Services.com

When choosing the best retail merchant accounts, there are several things you need to look for in addition to traps to stay away from. It is important to understand the total merchant services that you will be receiving. The merchant services provider should give you detailed information as to what is included with your account. You want to be cautious of providers that quote you low rates. This may be an introductory rate that will automatically go up after a certain amount of time such as six months or a year. The provider will inquire as to what your average sales and credit card traffic you have on an average month. This will let the provider figure out if you are a high risk or low risk. If your monthly average is on the low side, the provider may consider you a high risk but if your estimates are too high, the processor may require you to fill out some additional paperwork in addition to providing a higher volume of business and/or personnel credit card related information.

 

Before deciding on a specific provider, be sure you understand the type of contracts as well as cancellation fees. It is important you ask how you would cancel your account if you need to. It is important to find out if there is an early termination fee or if there is a certain time period that you need to have the account for before you can cancel without any repercussions. There are some companies that will renew your contract automatically unless you give written notice 30 days prior to the expiration date on your contract.

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