How Can You Tell If a Merchant Account Company is Good?

I have business owners asking me this question all the time, how can you tell if the merchant account vendor you are getting a quote from is a good company or not...?

Just like most business decisions you should always firstly listen to your gut. If you feel uneasy or pushed by a sales rep for any reason or you feel that the potential provider is not being 100% up front with you then find someone else.


Here is a list of some check marks you'll want to make sure are being hit:

1. A good company will ask you questions about your business and make sure they setting you up with the right payment processing solution. A bad one will be pushing for the sale and not asking questions.
2. Cheap prices are usually synonymous with cheap quality and/or poor services. The old expression of "you pay for what you get" really is true. I would do a little research to find out what the current buy rates are from Visa and Master Card online. Just type in visa interchange or master card interchange to find out what the credit card processor is buying the rates at. If the rates they are quoting you are way below that rate then you know something must be wrong. They must be back ending you with tons of hidden fees to make up the difference because no merchant account company is looking to become an investor in your business.
3. A good company does not hide their fees nor makes excuses for them. They will be more focused on services and providing customer support. Look for social proof, testimonials, referrals, ask other business owners who they use, jump on business forums and ask people who have similar business as yours in the general area or region you are in who they are using and are they happy.
4. A good company will openly give you their tech/customer support phone number for you to call at anytime you want to test out their services.

If you tick off those four questions before choosing a merchant account provider you should be in good hands.