My Merchant Account Blog

About My Merchant Account Blog

My Merchant Account Blog tries to explain the various terms a merchant might come across when it comes time to get a merchant account.  We try to explain some of the wrong-doings that you might see if you speak with an agent.

Most merchants rely completely on their agent when understanding the terms of the merchant account agreement,  and unfortunately, most of them are sales people and will tell you almost anything to get you to sign up with them or do not even understand it themselves.  The merchant account agreement is vital to both the merchant account provider and the merchant.  The agreement is geared more to protect the merchant account provider, so beware of the companies that tell you that you can be approved in less than 24 hours (You Are Approved for a Merchant Account in Less than 24 Hours).  However, more than half of the merchants who apply for a merchant account do not ever read it completely before signing up.  Then when something happens with the merchant, the provider might suspend the account.  This is usually when the merchant things the provider has done something bad to him / her.

Take your time when reading the contract.  Any fee(s) you do not understand, ask the agent about.  If you do not understand the answer, ask more questions.  Some of the fees to look out for: termination fee, transaction fee, (non-qualified / mid-qualified) discount rate.

Being able to get paid for your products and services is vital to a business.  Knowing and understand your merchant account is also.

If you don't see a topic listed, feel free to contact us and we will try to write an article about it.  Thank you and we hope this blog helps you in some way.