It’s not an unusual thing for people to create myths about things they don’t understand. The same goes for merchant account processing. Since most people don’t know how the system works, they tend to believe some of the common misconceptions about it.
Here are 7 of the most common myths about merchant accounts and the truth behind them:
It’s better to work with a local bank rather than an online merchant account provider
It is one of the most common myths about merchant account providers. People assume that since an online provider is not local, they must be less reliable. The truth is, there are plenty of reputable online merchant account providers out there. Some of the best ones are better than working with a local bank because they offer more competitive rates and fees.
All merchant account providers are the same
Again, this is not true. Just like any other industry, there are good and bad providers out there. It’s important to do your research and read reviews before selecting a provider. Each provider has its own set of rates and fees. They might also offer different services and features, so it’s important to find one that fits your specific needs. Assuming every provider is the same is a mistake that could cost you money in the long run.
Merchant account providers are all scam artists
Most old-school business owners love to rely on this myth. They think that anyone who wants to help them process credit card payments, especially if it’s online must be a scam artist. This couldn’t be further from the truth because, in reality, merchant account providers are highly regulated by the government and credit card companies. They have to follow strict rules to stay in business. If you’re working with a reputable provider, you have nothing to worry about.
The cost of a merchant account is too high
The cost of a merchant account depends on a lot of factors, such as the type of business you have, your processing volume, and the features you need. But in general, the cost is quite reasonable. The average monthly fee for a basic merchant account is about $30, but it can go up to $100 for a more advanced account with additional features. It would be a big mistake if you don’t use a merchant account just because you think it’s too expensive.
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The bigger the name the better
This is another myth that’s common among old-school business owners. They think that the only way to get a good merchant account is to work with one of the big names in the industry, such as American Express or Visa. The truth is, there are plenty of smaller providers that offer just as good, if not better, service, which is exactly what you need to run your small business. They even charge lower rates and fees.
A merchant account is too much hassle to set up
This myth is simply not true. Setting up a merchant account these days is straightforward. You can do it all online in just a few minutes. The only thing you need is some basic information about your business, such as your business name, address, and contact information.
The fees are too high
This is one of the biggest myths about merchant account providers. People think that the fees are too high and they’ll never be able to make any money with their business. The truth is, the fees are quite reasonable. Most providers charge less than 3% per transaction. So if you’re processing $100 in sales, your fee would be less than $3. That’s not bad at all, especially when you consider how much money you’ll make from your sales.
Conclusion
Hopefully, this video has helped to dispel some of the common myths about merchant account providers. If you’re thinking about setting up a merchant account for your business, don’t let these myths hold you back. Do your research and find a reputable provider that fits your needs. You’ll be glad you did.
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Book a free call with us to discuss how we can help you expand in new regions, scale, and get the cash flowing in your business.
