You Deserve a Merchant Account that Loves your Business
Selecting the Best Merchant Account
Hotei Media
Matching You with the Best Merchant Account for Your Small Business
Selecting the best merchant account for small businesses can seem like a daunting task, but it doesn’t have to be. Accepting credit cards increases sales by 30% as consumers purchase more when using credit. The best merchant accounts for small businesses will help build customer loyalty and your revenue. In this article, I’m going to share with you how to determine the best merchant account for your small business.
One Google search on best merchant account for small businesses will display thousands of potential providers. There are lots of payment processors offering a variety of services and hundreds of option and amazing tools to process credit cards. Most offer virtual terminals, mobile credit card readers, credit card equipment, tablets, and more amazing tools are being added all the time.
The best advice when looking for the best merchant account for your business
Instead, many people today pay more attention to how easy it will be to set up and how fast that can get approved and begin processing credit card payments. This is a big mistake for small businesses. When looking for the best merchant for your small business the most important thing to remember is that selecting the “quick and easy” merchant account provider in almost all cases is not the best and most cost-effective solution.
Easy can be expensive, so before you choose a turnkey payment processing company (like PayPal) and pay costs of 2.9% +.35 per transaction or more, take some time to learn how you can pay much lower processing fees. If your small business is in one of the categories banks consider “high risk” you will find a little research can save you as much as thirty to forty percent in total processing fees. If you are selling hemp, CBD, alcohol or anything else in the high-risk category we suggest you read our past post, “Best Merchant Accounts for High-Risk Businesses“.
Cash is nice but if you want to get cash from clients by means of a credit card you need a merchant account. A merchant account is required to accept credit cards, increase sales and grow your business.
Typical Merchant Accounts Are Not the Best
Typical merchant account companies charge up to 5% of everything a company earns. Fees can add up once you calculate the total costs of interchange, gateway, Visa, MasterCard, Discover, American Express charges, statement fees and so on.
Every penny you pay in fees is cash not going into the company coffers. Those pennies can add up to a whole lot of money.
Most of the clients we work with reduce their existing credit card processing fees by 25% to 50%. While regular rates go from .42% to 3%, there are merchants that specialize in small businesses and have processing fees ranging from 0.5 % to .35%.
The Best Merchant Account for Small Businesses Check List
- Very low fees
- Low or free setup
- No contracts
- Report your payments to credit bureaus, helping build your company’s credit
- No application fee
- Provide tools & Campaigns that increase sales
Many people have no idea whether their merchant account provider reports their payments to the various credit bureaus. They are not aware of campaigns they take advantage of and they have no idea they are paying 30 to 40 percent more than needed.
The Best Merchant Accounts for Small Businesses
So here is the bottom line when it comes to selecting the best merchant account for small businesses
These are the top 3 criteria
- Low Fees
- Builds credit
- Provide Campaigns or Causes that Increase sales & customer loyalty
- at NO ADDED COST
The key criteria to demand is low fees, reporst to credit bureaus, and has revenue producing campaigns you can can use to build customer loyalty at no addittional cost. We searched for the best merchant accounts for small businesses these became the main factors we considered.
The Best Merchant Account for Your Small Businesses
We work the top merchant account providers and several boutique merchant account providers that happily service the hemp, medical marijuana, and CBD industry.
Schedule a free consultaion below for to learn how you can increase your bottom and top line with the right mrchant account.
We guarantee to beat your existing rate, provide you a customer loyalty business plan and do everything to get you set up and selling online and off; quickly, efficiently and at the lowest cost possible on all transactions.
Identify the best merchant account for YOUR small business
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