In addition to all the fees previously described, there are several things that you should ask a company before you take the plunge. Follow this checklist for your convenience:
1. Can you provide me with the email addresses/URLs of at least 5 customers
I can contact as references?
2. Are you willing to put everything in writing, including all fees?
3. What is the name and location of the processing bank?
4. Are you registered with Visa/MasterCard?
5. Do you provide 24/7 support over the phone? (If so, and they should, test it out.)
6. Is a reserve account required? (If the answer is yes, look elsewhere unless you’re business is located out of the US in which case a reserve account will most likely be required.)
7. When will funds be available? (Look for 3 days or less)
8. Are you a member of your local Chamber of Commerce and/or the Better Business Bureau (BBB)? (If they are, check to see if there are any previous complaints or disputes on their record.)
9. Are the banks you are partnered with to issue merchant accounts FDIC-Insured?
10. Ask if they are a member of the Electronic Transactions Association (ETA). ETA is a trade organization that supports fair and ethical business practices for Independent Service Organizations (ISO) – another name for Merchant Account Providers.
Next Page: Questions For Internet Real-Time Processing