Questions to Answer When Selecting a Merchant Account Provider

Which Types of Cards Do/Would You Like to Accept?

The types of credit cards you accept help determine the rate, or percentage of each transaction, that you pay. American

Express has a higher rate than Visa and MasterCard; Diner’s Club has a slightly lower one. Visa and MasterCard both require you to work through a middleman to get an account; using a service that sends your requirements to merchant account providers to bid on can smooth those connections between all the vendors and agents.

To get an American Express merchant account you can also apply directly to American Express. The Discover Network you to process Visa, MasterCard, Amex, debit cards, and checks, as well as its own Diner’s Club and Discover cards.

What Is (or Will Be) the Value of Your Typical Credit Card Transaction?

In addition to the rate, providers charge a variety of other fees, such as a flat fee per transaction, a minimum monthly fee, and an authorization fee. For a company with small transaction values, high per-transaction fees can severely increase the financial burden, so a lower per-transaction fee is better. For a company with higher average transactions, a lower discount rate might be a more important priority.