All Small Business Merchant Accounts are Not Created Equal

Small business merchant accounts are a prerequisite for getting a merchant cash advance.

Merchant cash providers may require that you switch to their processing company to get the cash advance.

But all processors and small business merchant account providers are not created equal.

These are all motivating reasons to pick the best company for your business from the very beginning.

Your Questions

How can I make sure I pick the best merchant provider for myself and my business?

How can I minimize the costs?

With all of these fees, why would I still want a Small Business Merchant Account?

Real Answers

How can I make sure I pick the best provider for myself and my business?

I don’t know anyone who enjoys curling up by the fireplace with a cup of coffee to read a contract. Not even attorneys.

But when you’re deciding between 2 or 3 potential small business merchant account providers reading the contract is key.

They’re not all the same by any means.

One of the biggest distinctions is that some provide cash advances while others do not.

Ask upfront if the company provides them.

If they don’t, you’ll have to go through all of the trouble of switching companies; and setting up a new merchant account when you're ready for a cash advance!!!

Another important distinction is pricing.

You may think you’re getting the best price due to a low charge on the discount rate. Yet all along the contract may be wrought with fees that end up costing more than a high discount rate ever could.

Every Merchant Provider believes they are the best. But what makes one provider good for you may be the very reason it’s bad for someone else.

Let me explain. Here’s the basic way merchant account providers make their money:

  • Charging you for the machine
  • Charging you a discount rate per sale
  • Charging you fees

Is Your Small Business Merchant Account Competative?

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They're looking for processors and merchant providers that are cheap on cost but not on service.

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How can I minimize the costs?

The cheapest company would be most competitive in all 3 areas. Unfortunately, no one merchant provider has it all.

To choose the cheapest provider for you and your business, take a look at your company and its sales.

If you’re brand spanking new, and don’t have a ton of sales yet, look for a free machine and low upfront fees. Expect to pay a higher discount rate per transaction though.

Or, if only 20% of your business is transacted through credit cards, a higher rate with fewer fees might be most appropriate.

On the other hand, if your company has been around long enough to build up a high volume of sales, a free machine is probably not as important. Instead, a low discount rate is imperative to maximizing your profits.

But don’t forget those fees. You won’t be able to get around them all. So review the contracts for the fees that will least effect you.

Look at all of these fees you could be charged:

  • Account Setup Fees
  • Application Fees
  • Cancelation Fees
  • Statement Fees
  • Monthly Minimum
  • Chargeback
  • Discount rate
  • Transaction rate
  • Technical Support & More

If your sales are high every month, don’t sweat the monthly minimum or account set-up fees. But fight for a low transaction rate or try to find a merchant provider with no transaction rate at all.

With all of these fees, why would I still want a Small Business Merchant Account?

  • Because customers want to buy with their credit and debit cards!
  • Because it’s a sure fire way to instantly increase your sales!
  • Because it’s the only way to qualify for a merchant cash advance!

Since you can’t really get around it, learn to embrace it.

Embrace it by researching the most cost effective provider that also offers merchant cash advances.

Are you ready to try a merchant cash provider on for size?

We can help you get set up with a processor and merchant account that fits your needs just right. Simply Contact Us.



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