Hi all. I was wondering what one should be looking for when searching for an appropriate merchant account provider. Is it all about the rates? What about integration? I'm assuming they will do the set up. How much will it cost? So I need your advice. I've found this offer from Social Business Bank. It says monthly minimum is $25 and intercharge + 10 cents + 0.10% per transaction. Aside from these, there are no other fees. Not even setup fees. Do you think this is a good deal or should I be looking for more? Cause I looked at other providers and they have all these fees listed, enough to make your head spin; especially with the big ones.
Look for how they filter the fraud and what tools they provide... Anyway, you are the one who takes the hit of chargabacks.
Since I specialize in IC PLus Pricing. You are being quoted 10 basis points over Interchange plus dime? I foind that hard to believe, but, if they are willing to provide that rate, go for it.
Monthly minimums are not necessary, and they hurt small businesses the most. Cancellation fees, minimums, non emv compliance fees, they are all another way for processors to dip in your pocket. Browse around while you have the opportunity. Cost plus pricing / interchange plus https://www.helcim.com/us/pricing/interchange-plus/ Is arguably one of the best models, as there is no variable additions added to each card, simply the cost of processing, plus the third-party rate. Simple & to the point.