What You Should Know

What You Should Know

Easily Integrate Credit and Debit Cards into your Business

Let's start by explaining merchant acquirers and what they mean to your business

To begin accepting credit and debit, you need to go through a merchant acquirer. They handle your customers' card authorizations, make sure your money ends up in the correct account, send you a statement every month, and serve as intermediary should a customer have a dispute with a charge. There are literally thousands of merchant acquirers to choose from—so it's key to choose the best one for your business.

Convenience is king

Let's face it—your customers won't always have cash in their wallets. Give them another purchasing option that makes their life easier (it'll make yours easier too).

Be sure your merchant acquirer understands your business

There are many ways to accept credit and debit cards these days—online, face-to-face, on the go, and over the phone. Once a merchant acquirer understands how you'll be operating, they'll start you with the service that best fits your business.

Be sure you understand the fees involved

Typically, the bulk of your monthly fees will consist of the following:

Monthly service fee - This fee is set by the acquirer as a minimum threshold of the card transaction fees they expect to collect per merchant account on a monthly basis.

Monthly minimum charge - At times, there will be a minimum amount that you'll need to pay per month.

Authorization fee - This fee is charged when an authorization is obtained for a transaction.

Discount rate - In addition to the per transaction fee, merchants are charged a percentage of the entire transaction amount. You can learn more about pricing at www.merchantcouncil.org.

Be aware

Consider teaser rates, cancellation fees, equipment charges, and fee changes when comparing acquirers. High-pressure sales tactics and guaranteed approvals are also issues to be concerned about.