A Review Of The Best Internet Merchant Accounts
If you are doing business on the Internet then you need to accept cards, it’s that simple. However, finding an Internet merchant account provider who can offer low rates and a high level of service is not easy. In fact if people are not careful, an Internet merchant account can end up costing them money.
There are two main reasons for this:
The first is that when people pay for something on the Internet with a card, they are physically not there. This means that statistically speaking, from the credit card companies point of view, there is a greater chance of fraud. Because of this, it means that the rates charged for Internet credit card processing are generally higher than they would be for face to face sales.
The second reason is the merchant account providers themselves. Unfortunately, it is a very competitive industry, well known for it’s ‘sharks’. We still continue to get emails from people telling us about the issues and problems that they’ve had with Internet merchant account providers.
Why?
It really comes down to some companies in the industry not being 100% honest with their advertising. The problems that people experience range from being charged higher rates than they had at first thought they would be, to ‘small’ clauses in the contract which include things like lengthy contacts terms, monthly minimums, statement fees. Also another common problem is companies not providing quality customer service and constant uptime in their systems, meaning at times credit cards can’t be processed and business is lost.
In fact, these extra costs and service problems can cause some business ventures to not be profitable and fail. This is especially true on the Internet. Due to this at the Internet Merchant Account Review, we have undertaken a comprehensive review of the Internet merchant account marketplace, to ensure that people are able to avoid any of these problems and be as successful as possible.
From this review we’ve put together a list of recommended Internet merchant account companies. These recommendations are made based on 3 areas:
1. Rates and the Contract
Usually the first thing people looking for an Internet merchant account want to know is what rate they will be charged. However, this can be a big mistake. It’s important not just to look at a quoted ‘rate’ when judging the best Internet credit card processing. People need to look at the overall fees charged for their processing.
Many companies will quote a ‘Standard’ or ‘Discount’ rate, however in reality all pricing systems are made up of a ‘Interchange Fee’ and an ‘Assessment Fee’. The Assessment Fee is simply a flat fee that depends on the type of card the person is using to make the payment. The interchange fee is a little more involved and will change depending on what category the particular transaction has been assigned.
There can actually be over 150 different interchange categories for a Visa card or master card. It will all depend on where the card is used, and what information is collected. So some companies may actually be talking about a rate that is not really going to be available, because the payments are taken over the Internet (and are therefore going to be higher), or one that may only be available for an introductory period. Advertising low ‘rates’ is also a tactic that can be used to take attention away from the fact that people will have to sign long contracts, or pay other fees, that can significantly increase the overall processing costs.
A long term contract often has a high get out fee. Any company that needs a longer term contract to be signed should be considered very carefully, as they can turn out to be expensive. If they offer quality service why would they require a long term contract?
Internet Merchant Account Providers may also charge other fees such as monthly minimums, annual fees, or statement fees. The most important thing is that we are only recommending companies that are completely up front about all the fees that will be added to a particular account, so people are in a position to fully understand what they will be charged.
2)Support and Customer Service
This area is often considered last by people, if it is even considered at all, however it really is important. Internet credit card processing is technology based, and at some time technology of all kinds goes wrong. Therefore it’s vital to choose an Internet merchant account provider that invests in their technical infrastructure, to give the least downtime possible. If things don’t work as they should, businesses are losing sales and therefore profits.
The best providers will have service staff that are available 24 hours a day, so they can be reached at any time. We also only want to recommend the companies that can provide a specialist team for each different area of customer service, whether someone needs help with account services, sales or technical support.
3) Merchant Account Services
Companies must also provide comprehensive services from software and terminal integration, to payment gateways and real time account access. Companies that are able to offer different services also have the advantage that a business, or individual, will not have to look for a new provider should their business needs change, or develop at any point.
Updated:05/10/2012 (2 recommended Merchant Account Providers)
The Internet Merchant Account Review #1 Choice
 |
The best Internet merchant account provider in our opinion is The Merchant Warehouse.
- As an organization Merchant Warehouse is able to approve 99% of the applications it gets. It also takes around 24 hours from first applying for the account, to getting set up.
- Their accounts allow customers to accept all the main credit cards. As well as Internet merchant accounts they also offer Retail Merchant Accounts (including Restaurant and Lodging), wireless and virtual terminal accounts. So, if the needs of a business changes, or expands, then there is no need to find another merchant account provider. They can provide for all requirements.
- They offer all their clients month to month contracts. There are no long term deals to sign, so there is no risk involved. On top of this there are also no start up fees, or application fees.
- We consider the best thing about Merchant Warehouse is the way they do business compared to the rest of the industry. Instead of bombarding people with snappy sales talk, they offer people proper consultations, where they help people to understand the way that the industry works and all the potential fees that can be applied to an account.
- It puts customers in a proper position to judge what services will be the cheapest for them, because they have all the facts and a full understanding of how things work. They will also help give advise on software requirements.
- However, when people take all the costs of a merchant account into account, Merchant Warehouse consistently works out as the cheapest. In fact, they even put their money where their mouth is to guarantee that, and offer a $100 payment if anyone can find a cheaper overall processing anywhere else.
- This applies whether you are getting an account for the first time, or whether you are looking to get a better deal on your present one.
- They are also very focused on providing the latest and most up to date systems for Internet credit card processing. It means that their customers benefit from an absolute minimum of technical problems.
- They employ separate customer service teams for all different aspects of customer accounts. Support is available 24 hours a day.
- On line merchant accounts have a choice of 3 different payments gateways – Authorize.net, VeriSign, and LinkPoint. Also for lower volume users, or smaller home based businesses’ they also offer a really good solution called Merchantware, which is their own in house system and is not available through any other providers.
- An indication of the quality of the service they provide is that they have an A+ rating from the Better Business Bureau – the highest there is. They were voted the best Independent Sales Organization of the year by the Electronic Transactions Association (ETA). The ETA are effectively a regulator of the industry, so the recognition from them really counts for a lot.
There is one downside however, and that is that they only offer Internet merchant accounts to US based businesses. If you are based outside the US, it’s best to consider our other recommended option.
Testimonial :
|
I just wanted to let you know that things have been going really well with the Merchant Warehouse and I want to thank you for putting me onto them. They put together a really simple and profitable solution for me for my small ecommerce website, and I appreciated the no pressure approach. Thanks again! Vicky Spoors, |
Internet Merchant Account Review Recommended
 |
|---|
There is only around 48 hours between Charge.com receiving an application and approving it. They are also able to approve around 98% of applications.
There are no hidden fees and some very low rates.
They’re equipped to take all the major cards and they also offer a FREE E-commerce shopping cart. There’s also a web based internet credit card processing terminal for any customers who might want, or need to process transactions manually.
The customer service is excellent.
On the downside they require longer term contacts than the Merchant Warehouse, which is why they are our second recommendation.
However, for any international customers we always recommend Charge.com first.
Go Through This Link For The Main Charge.Com Site
Overview
We can currently only recommend two companies. The main reasons for rejecting others include high pressure sales tactics, hidden fees, other high fees such as start up fees and contract termination fees, increases in rates throughout the contract period, poor customer service, bad technical performance (for things like downtime) and infrastructure.
To properly understand why The Merchant Warehouse has such a high rating, it’s really important to have a consultation. Just head to their website, or call their consultation line on 1.866.372.1152.
>>Click For Instant Access To The Merchant Warehouse<<
We are always striving to keep the Internet Merchant Account review completely up to date. If you go on to work with either of our recommendations, please do pass on any feedback, or comments you may have to us.
