So You Think You Found the Best Internet Merchant Account?

July 21, 2008

For serious Internet businesses, selecting a merchant account provider is one of the most critical decisions you will make. And for companies with unique ecommerce needs, high monthly revenue intake, or risk management issues, choosing the right merchant account provider - one that can meet your special needs, help your business grow, and approve your terms of business - is a defining "make or break" ecommerce moment.

That's because all merchant account providers are not alike, and the merchant account you select for your business can either help you achieve business goals, or, as is too often the case, hamper your business growth, drain you with exorbitant hidden costs, and even grind business on your website to a halt.

So you think you've found the right merchant account?

If you've based your decision on an ultra-low discount rate, free application processing, and guaranteed instant approval, then you've probably settled for a commodity merchant account provider who will, in turn, treat you as a commodity - as another faceless merchant rigged to their system. Any unique business requirements you have - especially when it comes to eliminating monthly limits or taking time to underwrite your business fairly - will be overlooked and you will be forced into a one-size-fits-all merchant account arrangement.

For those businesses promised instant approval and overnight set-up, you may find that once the merchant account underwriting department really takes a look at your business model and credit history (two weeks later), your approval could be revoked or you may find yourself saddled with an entirely new fee, rate, and policy structure - one that can make life on the Internet very difficult.

When it comes to merchant accounts (and ecommerce solutions in general), hasty, uncritical decision-making will backfire every time... Continue