Friday, September 30, 2011

If a merchant account offer sounds too good to be true, it probably is.

I had just received paperwork from a client late last night, and as soon as I got it I submitted it to the bank for review. This client is in a rush to get the merchant account live as there are some pending rebills that need to go in, which I completely understand. I had told my client that I am going to do everything possible to get the MID live ASAP. What this client told by another party is that they could have the MID issues, from the same bank, in 1 day. 

I have been in this business for a long time, and getting a direct merchant account the same day your paperwork is submitted is basically impossible.

So, when speaking to you ISO or processors, if they say something like this, or have claims that just seems a bit too out there, then you can expect a couple of things.

1. They are just trying to get your business and will tell you everything you want to hear. I personally don't like doing business this way, I would much rather manage my clients expectations right from the get go and then hopefully exceed them. I have learned that honesty is really the best way and what allows me to get repeat business from my clients. I would much rather tell a client bad news and work on a way to resolve the problem, then lie. The merchant services industry does have some shady characters, promising the world. Those are the people out there for a quick buck, not long term relationships.

2. They are not setting up the account correctly. If you are interested in a quick smash and grab, then I am not interested in doing business with you. A lot of work goes into setting up and managing accounts and its my goal to provide you with a long term processing solutions, and that is also what I expect from my clients. I ensure accounts are properly set-up and that allows for you to process your business through for a very long time. You shouldn't want to work with someone that tries to cut corners as your merchant account will just end up blowing up in your face.

We don't require exclusivity but our clients do give us all their business because they trust us, they know we are working for them, and that we are in this for the long terms. I will also review offers from other merchant services companies that my clients get to give them an honest opinion. If you have a question or concern, please do not hesitate to contact me.

Remember if it sounds too good to be true, it probably is!



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