In our opinion, there are five things that are extremely important to consider anytime you are signing up for a merchant account or virtual merchant account. They are:
- Contract Length and Termination Fees: How long is the contract for the merchant account and are there termination fees if you need to leave your contract early?
- Customer Support: Are there dedicated customer service representatives for your account and for equipment support. How often are they available? If your business is 24 hours, but they are only available from 9-5, you may have a problem.
- Minimum Monthly Fees: Is there a minimum monthly fee for your merchant account?
- Average Transaction Rates: What are the average transaction rates you can expect?