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What to look for in a Merchant Account?

A merchant account allows your business to accept credit and debit card payments. A merchant account is not a bank account, instead it’s more of a holding-pen –  a secure place for funds to wait while the bank checks to make sure the customer has enough money to make the payment. Well known Merchant Account providers include, SumUp, Dojo, Worldpay and Zettle.

These are some common features offered by Merchant Account providers:

1. Card Machine

2. Online Payment Gateway (virtual terminal)

3. Mobile App

4. Contactless Payment

5. Payment over the phone

6. Help and Support

With your Merchant Account comes a card machine, and when selecting the right one it’s important to consider these key things to get the best deal for your business.

Fees:

Looking for the cheapest deal? Some card machines come with flat rate transaction fees, which means you pay the same fee every time, while others have variable rates depending on the card type. Variable rates offer better value for money if you process a lot of card payments, while flat rates work better for small businesses with lower sales volumes.

Cost:

Whether you choose to purchase your card reader outright or rent it for a monthly fee really depends on your business. Providers that offer monthly rental fees tend to have negotiable transaction rates. Businesses that process fewer card payments and only need one or two machines are better off buying one outright.

Ease of use:

Ease of use is important, especially if your business is just starting out. The most user friendly card machines come with one app on which you can track sales all in one place.

Fund transfer time:

Does your business need quick access to profits? If that’s the case, you’ll want to choose a card reader provider that transfers funds in one to two business days.

Ready made software integrations:

If you’re planning on growing your business, or already have software that you use – accounting software, for example – make sure the card machine you choose can integrate with it.

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