November 21st, 2009 
Alexander C. Hemenway It can be a daunting task to choose a credit card processing service for your company. The industry is convoluted and can be complicated to understand. Here are 3 simple things to look for when choosing a merchant account provider.
Cost
In business, cost is a primary importance. Although there are myriad fees associated with setting up a credit card account, the two most important are Monthly Fees and Transactional Fees. When looking at monthly fees it is prudent to consider the monthly minimum fee (which should be $15-30) the monthly statement fee (about $10) and in event that you are doing online credit card processing the gateway fee ($10-20).
The major transactional fees to be concerned with are, the discount rate (a fee charged to about 2% of the purchase price), the merchant account provider transaction fee (which is around 20-30 cents a transaction) and the address verification fee which is about 5 cents each transaction.
Account Setup Ease and Speed
Ease and speed of account setup are also critical in small business. Ask about the Average Approval Rating, this determines what percentage of merchants get approved and is a good indicator of how easy the setup process and support is (95% or greater is preferable).
Since in business, time is money, be sure to evaluate the setup time. A good provider can setup an account in 2 days. In addition enquire about the amount of time it takes from purchase for funds to be transferred into your account, again, 2 days is optimal.
Customer Service and Features
It can be very helpful to have excellent customer support from credit card service provider. Since small business owners never take a break, find out if their customer service agents are available 24 hours a day. Also find out if they have instant message, email and phone support.
If you are physically swiping credit cards you will want to make sure that the merchant account provider has access to a good selection of Point of Service (POS) machines.
Focusing on cost, ease of setup and customer service will help you examine the critical credit card processing criteria and make the best decision with regards to your small business needs.
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