Don't Get Ripped Off Getting A Merchant Account - It's great, and...
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It's great, and I've always enjoyed having access to all of the features of my merchant accounts. I just didn't appreciate the fact that they seemed to try to deliberately confuse you during the application process. They all used different terms making it nearly impossible to compare features and rates. It seemed that they didn't want you to fully understand the process or product.
Guess what... they probably didn't want you to understand because that allowed them to rip you off for more.
Here are the facts:
If you pay more than $100 to get set up with a merchant account, gateway, and virtual terminal you're paying too much.
The industry is very competitive so you should compare rates. If you're don't get a clear explanation of the features you're getting, go somewhere else.
When you pay those large application fees, most of that money is commission for the agent or reseller. So don't fall for that ploy!
They need you as much as you need their services. Many of the parties involved in the system make their money from the transaction and monthly fees you pay. These fees differ from company to company so you should compare. I suggest not paying more that 2.35% per transaction.
After getting ripped off, and feeling victimized by the industry for years, I decided to not take it any more. I cornered an industry insider and picked his brain. He's set up merchant accounts for both online and offline businesses for years. I got him on a conference call and had people call in and ask any question they wanted. He spilled the beans.
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