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ONLINE BUSINESS HELP

Don't Get Ripped Off Getting A Merchant Account
By: Jase Dow
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    2004-12-12

    Table of Contents:
  • Don't Get Ripped Off Getting A Merchant Account
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  • Even better, we...

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    Don't Get Ripped Off Getting A Merchant Account


    (Page 1 of 3 )

    Far too many people get ripped off when setting up a merchant account for their online business. The biggest reason is that they don't understand their options and are intimidated by the whole process.Now, armed with the proper knowledge, you don't need to become a victim of this process.

    You may be like me when I first decided my online business had grown big enough to justify a merchant account. Maybe you have enough sales where getting your own account makes a lot more sense than using a third party processor who charges outlandish rates. Maybe you should use both third party processors and your own merchant account... giving your customers more choices.

    When I set up my first merchant account, I filled out the long, complicated application and submitted it with a several hundred dollar application fee. I had to fax a bunch of supporting documents to prove I was worthy of being considered for an account. Then I held my breath and waited for several weeks.

    Finally, I got the news that I was approved and could now sign a long-term contract to allow them to charge me more high monthly fees that I didn't fully understand. The one that was the most mystical to me was the virtual terminal rental fee. This company also REQUIRED me to pay a steep fee to have my order form hosted on their secure server.

    When I got my last merchant account, I filled out a simple online form, paid less than $100, and had the account activated within 24 hours. The money I paid covered setting up the merchant account, gateway, and virtual terminal. I could now process transactions from anywhere in the world and it was great!

    If you've never used a virtual terminal before, let me explain. You can be on an airplane 40,000 feet above the earth. The person sitting next to you can ask what you do. You explain, and he's interested in getting your product. You can take his credit card information, connect to your virtual terminal using your laptop and the in-flight phone, and process the transaction while eating your in-flight meal.

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