| This article to help businesses get the best | | | | your lowest premium." Even if they ignored the |
| merchant account and more information such as | | | | suspicious nature of your request, the broker still |
| merchant account reviews is available at | | | | wouldn't be able to offer you a quote. They |
| MerchantCouncil. | | | | would need to know more about you in order to |
| The biggest mistake that you can make when | | | | measure the risk involved in issuing you a policy. |
| searching for the best merchant account is to | | | | Are you a smoker? How old are you? Do you |
| throw negotiation out the window in an attempt | | | | have any assets? The answers to these |
| to strong-arm providers into giving you their | | | | questions and more would dictate how much your |
| lowest rates and fees right away. The problem | | | | premium would be and even whether or not you |
| isn't that they don't want to help; it's that they | | | | can be insured at all. |
| don't have enough information to offer a quote | | | | Like insurance, the cost associated with virtually |
| even if they wanted to. | | | | every financial product is based on risk. In this |
| Finding a merchant account isn't easy. Even with | | | | regard, merchant accounts are no different than |
| the assistance of some helpful tools that I'll touch | | | | insurance or any other financial product that |
| upon later, the process is going to involve effort | | | | requires thorough risk assessment in order to |
| and perhaps even moments of frustration. | | | | ascertain pricing. |
| Nevertheless, getting a competitive merchant | | | | Before a sales representative can offer you a |
| account with low fees and favorable contract | | | | merchant account quote they need to know a |
| terms is crucial in today's marketplace where | | | | few things about your business such as the type |
| credit and debit cards dominate consumer wallets. | | | | of business that you're in, the personal credit |
| I can recall from not too long ago when I used to | | | | standing of the owner or principal, the age of the |
| sell merchant accounts the people that would call | | | | business, processing volume and more. They |
| me and say something to the affect of, "Don't | | | | won't be able to formulate accurate pricing |
| waste my time. Just give me your best rates and | | | | without this vital information on which to base a |
| fees." Even to this day merchants come through | | | | risk assessment of your business. |
| CardFellow with this same no-nonsense approach. | | | | If you insist on staying with the hard-line |
| The merchant processing industry doesn't exactly | | | | approach, you will eventually find a merchant |
| have a stellar reputation and it's understandable | | | | account rep with shaky enough morals to quote |
| why many people feel that they have to | | | | you their lowest rate without negotiation. This is |
| approach representatives with their offense in | | | | usually where the problems begin. In the worst |
| full-force. | | | | case scenario, you'll end up paying fees that |
| However, the fact of the matter is that this | | | | you've never heard and when you call to complain |
| approach is far more damaging than it is helpful | | | | you'll learn that you're locked into a three-year |
| and it can have the exact opposite results that | | | | merchant account contract with a hefty |
| what the merchant is hoping for. Merchants | | | | cancellation fee. |
| account aren't tangible products on which a | | | | Even in the best case scenario you're missing out |
| provider can slap a price tag. They're a financial | | | | on lower rates by refusing to negotiate. I've |
| product similar to insurance and bank loans. | | | | written countless articles over at MerchantCouncil |
| Speaking of which, insurance is a good subject to | | | | that stress the importance and the art of using |
| use as an example because everyone is basically | | | | the competition in the merchant account industry |
| familiar with the way that it works. | | | | to your advantage. Providers want to earn your |
| Picture yourself calling an insurance broker and | | | | business and they're more than willing to offer |
| simply saying, "I need a $300,000 life insurance | | | | you their lowest rates and fees, but in order to |
| policy and I don't have a lot of time. Just give me | | | | win you have to play the game! |