Compare Merchant Accounts - The Key is to Compare Providers, Not Accounts

If you're in the process of comparing merchant accounts you probably familiar with the exhausting tables that compare merchant account fees, rates, contracts and other merchant account features from various providers. I'm happy to say that you won't find one of those tables here. There‘s certainly no shortage of information, comparison tables and advice on the Internet about how to compare merchant accounts. The issue is how useful this information is – if at all.

Merchant account rates and fees have little consistency even when you're comparing different merchant accounts from the same provider. It's very possible to call the same merchant account provider, speak with three different sales representatives and get three different merchant account quotes. Back when this author was selling merchant accounts, a client once said, "Trying to compare merchant account is like trying to compare the shape of water." This gentleman was exactly right and his statement embodies the reason why merchant accounts can't be compared in a conventional sense.

Merchant accounts don't have a set pricing structure. Sales representatives will lower or waive fees, change contract terms, drop equipment prices and take other measures in order to best their competition. This fluid structure makes it impossible to analyze and compare accounts at face value using rates, fees and other inconsistent attributes.

The secret to comparing merchant accounts is to compare subjective attributes of the provider that lead to good rates and fees. The best merchant account for your business is one that's tailored to your needs. You're not going to find a personalized account by reading general, outdated merchant account comparisons.

The best merchant account for your business isn't out there waiting to be found; it will be built by a knowledgeable sales representative that takes the time to learn about your business and works with you to develop an ideal rate and fee schedule.

If you want to find the best merchant account for your business - don't begin your search by comparing accounts. Instead, compare the professionals that offer them. Find the best merchant service provider and you'll get the best merchant account.

Compare merchant service providers by focusing on their service record, knowledge and product offering. A great way to judge these types of things is through reviews from merchants that have used a provider's services. If you're having trouble finding legitimate reviews, check out web sites like CardFellow.com that post ratings and reviews that are submitted by members.

After you've found two or three merchant service providers with a proven service record, it's time to start comparing rates and fees. You'll find that once you start playing the providers against each other the rates and fees will start dropping. When all is said and done you'll end up with a merchant account that has great rates and fees and a provider that is responsive and helpful.

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