{"id":10544,"date":"2011-02-22T11:11:38","date_gmt":"2011-02-22T17:11:38","guid":{"rendered":"http:\/\/crowdspring.wpengine.com\/?p=10544"},"modified":"2026-02-15T23:18:34","modified_gmt":"2026-02-16T05:18:34","slug":"merchant-account-small-business","status":"publish","type":"post","link":"https:\/\/www.crowdspring.com\/blog\/merchant-account-small-business\/","title":{"rendered":"How To Get The Best Merchant Account For Your Small Business"},"content":{"rendered":"

\"\"<\/a>A few years ago, one Saturday afternoon, my car broke down in the middle of Chicago. Stranded\u2014and unwilling to leave my car parked on an expressway overnight\u2014I had the car towed to the only shop still open for the day. The homemade sign hanging on for dear life above the front door as I walked in told me the place was shady\u2014I knew<\/em> I was about to be taken. A mechanic looked under the hood and told me that the {something} was broken and that {something, something, and something} would have to be repaired.<\/p>\n

My back was against the wall\u2014he knew everything, and I knew nothing. Given the timetable and location, I could not verify his assessment independently. After a short discussion, he quoted me around $1,500 for repairs. Feeling uneasy, I paid the tow truck driver $150 to take my car to a shop 20 miles away.<\/p>\n

I relay this story because the situation correctly represents the buying process of merchant services. The credit card processing industry is inherently complex; vendors use their information advantage for their benefit. The industry is notorious for its trickery and purposeful deception.<\/p>\n

Today, however, is your lucky day because I will help you become an informed buyer of merchant services or at least make you dangerous.<\/p>\n

Find a good fit for your needs<\/strong><\/p>\n

It\u2019s worthwhile to invest adequate time upfront to find the right merchant provider<\/a>.\u00a0 Too often see, merchants make rash decisions based on advertised fees (which are typically misleading). Too many unknowns, even for those with previous payment experience, could cause serious problems.<\/p>\n

To accept credit card payments, you\u2019ll at least need a merchant account and payment gateway.<\/a> The merchant account, which is not a bank account, requires approval through an underwriting process.\u00a0 The payment gateway is the software that communicates with the financial institutions issuing the cards you accept.\u00a0\u00a0You may also need recurring billing<\/a>, remote credit card storage, and unique solutions for Payment Card Industry (PCI) compliance. Some providers package all these services in a bundle. In contrast, others only offer one or two, requiring you to assemble your vendors, maintain multiple relationships, and potentially manage the relationships between your vendors (in this situation, good vendor contract management<\/a> is essential). If you can find a vendor that can offer you a bundled solution, take it; otherwise, try to limit yourself to two or three providers who already have working relationships with one another.<\/p>\n

Get the truth, the whole truth, and nothing but the truth about your fees<\/strong><\/p>\n

Once you have narrowed your options, then analyze the price. It\u2019s not uncommon to receive a quote of 1.99% and $.20 to process an online transaction, but that\u2019s akin to me offering you a long-distance calling plan of $.05 per minute, with fine print that clarifies calls outside your regional calling area will be $.10.<\/p>\n

Press prospective vendors to disclose all fees. Specifically, to get the conversation started and signal to them that you know what you’re talking about, ask about:<\/p>\n