There are a large number of merchant account providers in the marketplace. Many have extremely good salespeople working for them and it is for that reason that you need to be very careful when you are looking for a cheap merchant account, because they are excellent are not telling you all that you need to know.
The cheapest accounts are not necessarily the ones that advertise the lowest rates. Your account will be subject to a number of fees, including transaction fees and percentage rates as well as extras like statement fees.
Very often the rate that is advertised or that they tell you about is also a discount rate that applies for a limited period of time or only under certain conditions.
The reality is that the actual rate can vary on many things such as where the transaction takes place, and type of card and customer that places the order.
Also, many providers require people to sign onto long term contracts which keep them tied into accounts and have hefty termination fees. This is never a good thing.
That is why I always advise my clients to speak to merchant account providers that offer a consultation to prospective clients, rather than high pressure sales tactics.
This means that they can explain to you all the potential charges that a merchant account will incur. Only when you fully understand everything yourself can you make a decision on which one is is really the cheapest.
Only when you reach this point are you in a position to make the right decision for your needs.
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