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Online Business L(a)unch™ >
Setting Up a
Website:
Accept Credit Cards
> Merchant Account
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Credit card processing software ($350 -$1000 to
purchase or $29.99-$50.99/month to lease)
In order to enter credit card data and obtain
authorization for each charge you will need software which
allows you to do that. The software is installed on your
computer and connects with the clearinghouse through the dial-up
modem.
You have two
options: to purchase software or to lease it. From my experience
purchasing is much better solution. The software usually costs
$350-$1000 and the price can be negotiable even if customer
service representative tells you
it’s not. Always try to negotiate!
Remember, merchant account providers need your
business much more than you need their - there are so many providers over there! Always keep it in mind.
With a lease
you'll end up paying for the software 3 times or even more than
it is really worth. Many merchant account providers require you
to sign a 48 month lease for $29.99 - $50.99 per month.
Beware:
monthly payment amount your provider shows you does not include
your state sales tax and the amount charged for the damage/loss
waiver that can easily add $5-$15 to your monthly payment.
And
after making all these monthly lease payments you don’t even own
the processing equipment! Also merchant account leases are
non-cancelable so once started they’re impossible to get out of.
Even if you go out of business you still have to pay for the
software until the last penny has been received by the leasing
company.
In some cases lease company could even continue
charging you after the 48 months of lease have passed because
somewhere on your leasing agreement (usually in very small
writing) they say that you should contact them one month prior
to the end of the lease, or you can just let them keep charging
you. Bottom line is: stay away from
leasing if possible!
2. Customer service and integrity of provider
Well, it’s important to get great rates and fees
but they are simply a part of the big picture. Flexible policies
and outstanding customer service is essential in choosing the
best provider for your unique business needs.
Remember,
communication is critical for
long-term success and smooth transaction processing.
Your time is precious so you don't
want to spend long hours waiting for response and getting constant busy
signals!
So make sure your merchant account provider has
reliable customer service and able to answer all of your questions
and resolve your problems promptly.
There're the
most important
aspects to consider:
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24/7
availability
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Toll-free
access number
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Hold time no
more than 5 minutes
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Quick
(24-hour at most) response to e-mail inquiry.
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Friendly,
helpful and knowledgeable customer representatives
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