Most merchants accept credit cards. Whether it is online or in person, accepting credit cards is often the “make or break” element of a business. While the need to accept these cards is high, many merchants have issues finding a cooperative merchant account provider to do so. This leads some merchant to accept poor offers, packed with few benefits and high interest. Whether you are a high risk merchant or a mainstream merchant, all ISO merchant services users need to go over everything with a fine tooth comb before signing on the dotted line.

This is one of the things that can ruin a merchant’s chance of making it big. A bad processor can cost you more than just a few bucks – it can cost you your business. One of the most important things that you need to do, regardless of interest rate and benefits, is to go over the terms and conditions. The terms and conditions (or T&C) can hide some very fine details that can quickly derail your business dreams if you are not aware of them. From issues involving the rise of interest rates, to info about account closures, you need to go over the T&C. Yes, this is a tedious task, but the boredom of reading can benefit you in the future.

On a similar note, look out for hidden language and hidden fees in the T&C. While most issues are laid out in laymen’s terms, some are worded in such a way that a quick read over can miss it. Hidden fees are even more challenging, because sometimes the merchant does not have adequate understanding of the pricing schedule. Another issue that can come about is the actual pricing in the contract. Do not simply take the customer service rep’s quote as set in stone. Be sure to go over your contract and verify the pricing scale.

Whether you are a high risk merchant or a mainstream merchant, the fine print in a contract can damage you and your customers. Be sure to speak with your existing ISO merchant services provider today, if you have questions about your contract.

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