Free Merchant Account Services - Too Good to Be True?

By Paul Gilbert Lawrence

In the world of online commerce there is very little that is free. So what should the small business owner make of the merchant services which offer free installation and set up of internet credit card processing systems?

All merchant processors have the same basic payment gateway processing expenses that they need to cover and the truth is that many of those who offer a free initial setup cost will make their profits from costs which are hidden in the fine print. These can cost the unsuspecting business owner more over time than any commercial merchant processing system which is more upfront about transactional fees.

'Free' merchant account services typically would charge between 3% and 5% per typical transaction compared to the average of 2.5% charged by commercial merchant services. Other ways that the 'free' merchant services would inflate costs would be by charging higher than normal statement fees and minimum monthly and annual fees.

Commercial merchant services usually also have excellent ongoing customer service and a short turnaround time for handling consumer queries. Many free services by contrast often would not have any infrastructure in place for efficient after sales support.

The business owner has to choose an internet credit card processor with care. The good news for small business owners just starting out is that there are services which offer the best of both worlds - free setup and installation along with low transactional and monthly fees and excellent ongoing customer support. Look for a merchant processor with a proven track record of at least several years in online credit card processing. Speak to other merchants and search online for what reviewers are saying about credible merchant credit card processors.
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