Opening a small business merchant account
Before a merchant opts to open a small business merchant account, there are several pitfalls to consider before signing on the dotted line for a certain period of time.
Firstly, with the impending risk of chargebacks issued by fussy customers or due to fraud, merchants must be very careful when accepting online credit card payments.
As internet fraud has the second largest number of cases second only to order by phone, the software used if one has a Web store must be secure enough and process credit card payment quickly and safely. It’s not fun for the merchant if he gets charged for nothing at all while losing his product as well, in addition to being charged a transactional fee for no fault of his.
Of course, one cannot prevent the behavior of fussy customers but one has to be equipped fully against the evils of internet fraud. Another big problem that merchants can run into are the late processing of credit card payments to the merchant’s account, and sometimes can take a longer time than usual putting the merchant under a lot of pressure when it comes to cash flow.
Finally, if a particular credit card processing merchant services does not treat their business customers all alike by providing them with equal benefits and base these benefits on the volume of transactions that each merchant generates everyday, then it is a service that does not look out for your best interest, but their own.