The best merchant account will offer no hidden fees, have competitive fee structures and offer a good discount rate to merchants.
It is essential that you compare the rates of different merchant account providers to choose the best merchant account.
Merchant Account Pricing may seem simple but when you actually start your research you realize there are many associated fees that can complicate the process.
When comparing prices for the Best Merchant Account:
- Find out the application fees. Since that can range from zero to a few hundred dollars.
- Look for discount rates that your company can receive for each transaction.
- Transaction fees that are charged for the processing of each transaction by the merchant should be under $1.
- The best merchant accounts must provide each of their merchant clients with a monthly statement, which is either free or for under $50.
- A monthly account maintenance fee is charged by the merchant account provider and that should ideally be under $100.
- No more than 2-5 days should be taken for funds to be deposited in your account, no more than 20 days for you to receive your check or wire transfer.
- The fees and rates quoted to you initially should remain the same and not be gradually increased.
- The contract offered by your merchant account provider should detail all kinds of major and minor costs, fees and additional payment plans so that there are no hidden fees.
If you put these above price factors into practicality, there is no reason why you should not get the best merchant account in terms of price comparison.
One of the most economical and competitively priced merchant account providers is Instabill.
For more information about Instabill, contact us directly.