Merchant accounts need to be set up the appropriate way in order to protect you from fraud or identity theft and most of all to cover you from added fees and penalties. We discussed in the previous pages that credit card processing has a cost, so you must beware of companies that offer a 0% processing, which is impossible, or companies that claim “Instant approval” guaranteed and “no paper work needed”.We need to know that your business really exists and authenticate that this is really you.

Make sure that the company you are dealing with is a licensed provider, by looking at the bottom of their home page on their website, it should say “registered ISO/MSP” for one or more FDIC-insured banks, without that seal of licensing you should look elsewhere. Make sure that the domain name of the website address is the same as the company name and that they have a toll free number. This will give you an indication that you are dealing with this company directly. You should always ask if the rates you are being quoted are fixed rates or are they variable and can increase or change without your knowledge and or consent. Very often a “Provider” can offer you teaser rates that are very low and you will find that they have increased and changed after a month or two.

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