Far too
many people get ripped off when setting up a merchant account for their
online business. The biggest reason is that they don't understand their
options and are intimidated by the whole process. Now, armed with the
proper knowledge, you don't need to become a victim of this process.
You may
be like me when I first decided my online business had grown big enough
to justify a merchant account. Maybe you have enough sales where getting
your own account makes a lot more sense than using a third party processor
who charges outlandish rates. Maybe you should use both third party
processors and your own merchant account... giving your customers more
choices.
When I
set up my first merchant account, I filled out the long, complicated
application and submitted it with a several hundred dollar application
fee. I had to fax a bunch of supporting documents to prove I was worthy
of being considered for an account. Then I held my breath and waited
for several weeks.
Finally,
I got the news that I was approved and could now sign a long-term contract
to allow them to charge me more high monthly fees that I didn't fully
understand. The one that was the most mystical to me was the virtual
terminal rental fee. This company also REQUIRED me to pay a steep fee
to have my order form hosted on their secure server.
When I
got my last merchant account, I filled out a simple online form, paid
less than $100, and had the account activated within 24 hours. The money
I paid covered setting up the merchantaccount, gateway, and virtual
terminal. I could now process transactions from anywhere in the world
and it was great!
If you've
never used a virtual terminal before, let me explain. You can be on
an airplane 40,000 feet above the earth. The person sitting next to
you can ask what you do. You explain, and he's interested in getting
your product. You can take his credit card information, connect to your
virtual terminal using your laptop and the in-flight phone, and process
the transaction while eating your in-flight meal.
It's great,
and I've always enjoyed having access to all of the features of my merchant
accounts. I just didn't appreciate the fact that they seemed to try
to deliberately confuse you during the application process. They all
used different terms making it nearly impossible to compare features
and rates. It seemed that they didn't want you to fully understand the
process or product.
Guess what...
they probably didn't want you to understand because that allowed them
to rip you off for more.
Here are
the facts:
If you
pay more than $100 to get set up with a merchant account, gateway, and
virtual terminal you're paying too much.
The industry
is very competitive so you should compare rates. Ifyou're don't get
a clear explanation of the features you're getting, go somewhere else.
When you
pay those large application fees, most of that money is commission for
the agent or reseller. So don't fall for that ploy!
They need
you as much as you need their services. Many of the parties involved
in the system make their money from the transaction and monthly fees
you pay. These fees differ from company to company so you should compare.
I suggest not paying more that 2.35% per transaction.
After getting
ripped off, and feeling victimized by the industryfor years, I decided
to not take it any more. I cornered an industry insider and picked his
brain. He's set up merchant accounts for both online and offline businesses
for years. I got him on a conference call and had people call in and
ask any question they wanted. He spilled the beans.
Even better,
we recorded the entire conference call AND I want to give you a copy
of the recording from that call. It's simple, you can grab the MP3 recording
with my compliments at:
http://therealsecrets.com/free-merchant-account-teleseminar.html
Armed with
this powerful information, you'll be able to compare. You'll be able
tomake an intelligent decision instead of an expensive mistake. It will
be impossible for you to get ripped off when getting a merchant account.
Knowledge
is a very powerful business building weapon. Arm yourself today!
-----------------------
Willie
Crawford has been teaching others how to build an on-line business since
late 1996. Frequently featured in radio, magazine and newspaper articles
and interviews, Willie teaches the average guy what the top marketers
are doing but seldom talking about. For example, Willie demonstrates
the power of automated residual income through his system at: http://ProfitAutomation.Com
Don't miss it!