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 Post subject: Merchant accounts
PostPosted: Thu Mar 03, 2016 6:11 pm 

Joined: Thu Mar 03, 2016 4:52 pm
Posts: 1
Can anyone share more details about the process related to setting up a merchant account?.

Nowadays a lot customers at my restaurant prefer card payments and it is high time that I created a merchant account. I am worried about the hidden charges associated.

I found a service provider: MerchAct in Ontario. While going through their blog I found this http://www.merchact.com/what-to-look-for-with-a-merchant-account-provider/ .

What questions should I ask in the first meeting?

 Post subject: Re: Merchant accounts
PostPosted: Fri Mar 04, 2016 12:40 pm 
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Joined: Thu Mar 15, 2007 10:29 am
Posts: 4804
Location: Melbourne AU
Reputation is the first factor I'd consider: check them out thoroughly online using Google Search and Google My Business.

What concerns are raised in any negative comments? (The testimonials displayed on any company website have been cherry-picked to only show the best and bury anything negative, so search more widely, always.)

Bear in mind that there will be two players involved: your merchant processor and your bank. Explore the charges you'll be paying to BOTH.

What rates will you be paying? Do they reduce with scale? How do they compare with other merchant services providers? What do you get for your money?

What are their policies and procedures when it comes to fraud and chargebacks? (Do they fight for the merchant or do they favour the claimant?)

I'm actually astonished that you've been able to survive and grow without offering payment by card. That inconvenience for customers has almost certainly been costing you significant repeat business. Most people I know simply don't bother with cash for such purchases. I rarely carry cash at all. Even change for parking!

This reality was brought home to me just last week when I was in a store that didn't accept cards… and I had to go off and find an ATM to withdraw cash. Had I known before I shopped at that store I'd have chosen another store that did accept cards. I now check the storefront to make sure that they accept cards before entering. Even if they DO accept cards, but fail to display that fact BEFORE I enter, I'm already looking for an alternative.

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