Credit card merchant service can be found at your local banks and on the Internet.
Why a business should look at different offered services is because there are significant differences between them and it is worth the time spent. A credit card merchant service provides a business with the ability to accept credit cards for sales. This is a very convenient way for customers to pay for products or services. Acceptance of credit cards helps a business get more business, since this is the way that many people pay for their purchases. Non-acceptance of credit cards can lose potential sales. Many customers do not carry cash these days and their credit card has become their cash. Another reason to accept credit cards is it does away with having to take personal checks. This eliminates returned checks and also gives the business owner immediate access to the funds the credit card purchase has generated.
When deciding which merchant to use, the businessperson should consider the charges and fees the credit card merchant bills for their service. The first two obvious charges are the rate per transaction and the percentage of sale charged. In some cases, two different credit card merchants can have a transaction difference of almost double. An example from the Internet of 30 cents vs.19 cents per transaction was found just by doing a quick Internet comparison. The Internet also showed almost double the percentage of sale. Another deciding factor is extraneous charges like monthly fees and setup fees. Free vs. charged for terminals is another fee to be considered.
How difficult it is to acquire an account with a credit card merchant may be a limiting factor on which merchant you can use. This acceptance of your business is related to your credit rating or the type of business you are running. Some merchants have higher fees due to low sales volume. Which cards you want to accept can also determine which merchant you can set up an account with to service your credit card sales.
As you can see, there are many facets as to which merchant service you end up signing with and using. Most of the credit card merchants listed on the Internet have a rate page on their website. This makes analysis of each and their comparisons fairly easy to accomplish. The time spent doing this merchant shopping can save your company money over the life of your use of their service.