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The Ultimate Guide to Choosing a Merchant Account

If you are thinking about starting a new business, then something you will have to think about is how you are going to accept payment from your customers.

In this day and age, credit card processing is a must for just about every business, both online and offline, which is why you might want to consider applying for a merchant account.

Before you start, there are some factors you need to keep in mind:

Merchant account charges

In order to keep expenses low in your business, you must understand the different kind of merchant account charges you could be subjected to.

Typically, you will be charged a percentage of the total amount every time you process a credit card. By doing a bit of shopping around, you can compare the different rates offered by merchant companies, so you can get the best deal possible.

Just be aware that there are some companies that offer extremely low rates to entice you into signing a long term contract. Once they have you locked in, then the rates often increase dramatically, taking a large chunk out of your profit margins.

High risk merchant accounts

If you are in an industry that is considered high risk, then you may have problems being accepted for a traditional merchant account. This is not the end of the road though, as there are now many high risk merchant accounts available to apply for.

Access to funds

Need access to your funds quickly? In this case, you want to find a merchant account company who won’t leave you waiting around for weeks on end to get access to your money.

Unfortunately, there are many stories of business owners who have had their funds held for an extended period of time. This can be a major hurdle, especially if you need to invest the money back into the company for growth.

Always check with the terms and conditions to see how long your money could be held.

Be honest

When applying for a merchant account, it’s important that you are as honest as possible on your application. Many people are tempted to bend the truth to get accepted, but going down this road can lead to disaster.

Instead, always be honest about the state of your business, and disclose all of the details about your financial history. If you don’t, then once the merchant account company finds out the truth, then you will have your account closed and your funds could be frozen.

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Starting a Business? Follow These Proven Tips For Success!

Businessman racingIn this poor economic climate, many people are shying away from starting a business. However, it’s not all doom and gloom, as a successful business can be started no matter what the financial climate is currently like.

At the end of the day, it all comes down to you. If you do things right and follow the correct steps, then you can have a successful business for many years to come, which makes you very wealthy in the process.

Here are some proven tips for starting a successful business:

Use technology

It doesn’t matter if you agree with technology, the fact of the matter is that it’s here to stay whether you like it or not, and it can help you massively in starting a business.

For example, things such as accounting software can make your life so much simpler and automate many of the tasks which would take hours to do manually. With this in mind, it’s easy to see why millions of people are starting to see the light and moving over to the new way of doing things.

Ultimately, just about every small business requires accounting software so don’t get left behind.

Set goals

The reason why many businesses fail within 3 years, is because the owner failed to set any goals to strive for. When this happens, the business becomes like a ship without a captain, aimlessly floating around.

In order to see success, you need to take charge of your business and start setting goals. Set one big goal that you want to accomplish in the next 5 years, and then break that down into yearly and monthly goals so every task can be taken in smaller steps.

Understand your ideal customer

A common question business owners are asked is “who is your customer?” The response is typically “everybody.”

Unfortunately, this way of thinking tends to lead to failure and frustration. You see, if you try to target everybody, then you usually end up appealing to nobody.

Instead, start to think more closely about who your product or service is aimed at. What is their age, income level, and lifestyle like? Once you start to answer these type of questions, then you can develop a much stronger idea of who it is you’re targeting.


At the end of the day, no business is perfect, and there will be bumps and temporarily failures along the way. However, if you stick the course and make wise decisions the majority of the time, then your success is inevitable. Good luck.

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