Wednesday, July 2, 2014

2 Perplexing Areas of Merchant Account Credit Card Acceptance

Accepting credit cards with a merchant account can be confusing, but no need to fear!  We are going to clear up two points of confusing when it comes to merchant account credit card acceptance.   Contracts are one part of accepting a credit card with a merchant account that people find confusing.  While it may be confusing, it is also one of the most important parts of credit card processing, so it cannot be avoided. If you do not completely understand the terms and conditions of your contract, you could be in for a rude awakening.  The smart thing to do is to always believe what is in the contract, not go off what you sales rep says to be true.

There is no formal or specialized education required to work for a merchant services provider, so be sure to do your own research and read your contract thoroughly.  You don’t want to be bombarded with fees and service limitations for you choose your merchant account credit card acceptance provider.  Here a few items that you should specially look for in your contract:

·         Cancellation fees
·         Length of contract
·         Equipment leasing information
·         Early termination fees
·         Annual fees
·         Setup fees
·         Monthly fees
·         Monthly minimum
·         Payment Card Industry (PCI) compliance fees

PCI compliance is another perplexing aspect of accepting credit cards with a merchant account.  Credit card security is of the upmost importance because if your customer’s data gets stolen, not only will your reputation as a retailer be affected but you could also be hit with fines and lawsuits.  PCI compliance regulates credit card processing security standards for businesses.  Small businesses need to be aware of the PCI compliance guidelines, and make sure they vendors are complying as well. 

When it comes to merchant account credit card acceptance, the most important thing is to be informed. If you do your research and ask the right questions, all of your concerns about merchant accounts will be cleared up in no time.