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.
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