How to Choose a Merchant Processor
By Robert Staschak | Custom Payments LLC
This article provides insights on How to Choose a Merchant Processor. For more information or to discuss how this applies to your business, please contact us.
Key Takeaways
- • Understand the basics of this topic
- • Learn how it affects your business
- • Discover best practices
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Frequently Asked Questions
What should I look for when choosing a merchant services provider?
Look for transparent pricing, clear support responsibilities, stated funding expectations, and a provider who understands your industry. Review term length, cancellation language, and any processor, equipment, or software conditions in writing.
What is interchange-plus pricing?
Interchange-plus pricing separates card-network costs from the provider's markup. Compare the complete written proposal and actual statements rather than assuming one pricing model is best for every business.
How do I compare merchant services quotes?
Request an itemized quote showing interchange rates, processor markup, monthly fees, and equipment costs. Compare the effective rate (total fees ÷ total volume) rather than just the advertised rate.
Does Custom Payments LLC offer free equipment?
Equipment options and terms depend on the proposal. Compare device ownership, software, installation, support, replacement, rental, and cancellation provisions in writing.
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