Car Rental Coupon Codes - Common Merchant Account Misconceptions

Here is a look at some common merchant account misunderstandings and how you can overcome them. Or many times account misconceptions are simply passed on by word of mouth, sometimes these misconceptions arise because a business owner does not fully understand their account. There are many misconceptions out there regarding merchant accounts.

Providers Hide Fees

They should be more than willing to go over their pricing with you. Ask your provider, if you have any questions. Ensure you understand all the fees and rates listed. Take the time to read every page of your merchant account agreement contract. But they are there, these rates and fees may not always be easy to read when they are part of a 25-page contract. Providers must disclose all merchant account fees and rates to the merchant, by law.

Contract Terms

This is also a good time to negotiate pricing. ). Etc, average ticket, take the time to speak with your provider and update any changes to your account (volume, as your contract term end dates nears. Ask your current provider what their contact term policies are. The original contract term is reinstated, when a merchant account contract expires and there is no new agreement drawn up, in most instances. This may not be the case. That their agreement automatically goes month-to-month, many merchants seem to think that when their contract term is up with their current merchant account provider.

Credit and Debit Swiped Rates are Equal

Ask to have both rates quoted to you, when comparing rates or negotiating with your current provider. Credit card swiped rates are higher than PIN-based swiped debit transactions. Those low rates are most likely the debit-swiped rate. Don't be fooled when looking at those low qualified rates you see advertised.

Free Equipment is to Keep

Failure to do so could result in the provider recouping their equipment cost directly from the merchant's credit card funds. Once the agreement is terminated (by either the merchant or provider) the free equipment must be returned to the provider. Free equipment is "loaned" to the merchant while the merchant maintains an agreement with the provider. And pin-pads that are offered to a merchant for free are most likely not for the merchant to keep, printers, credit card terminals.

Merchants can avoid costly account misconceptions, but by reading the agreement and asking questions. Most business owners learn the ropes through experience, in fact. Information may be different with each provider or source. Which can overwhelm and confuse even the keenest of merchants, merchant account agreements have a lot of information.