Durango-Direct.com's Blog

Don't Judge a Merchant Account Solely on Rates!

Sometimes You Get What You Pay For:

When looking around for a merchant account service, the lure of low merchant account rates can be a great temptation. But before signing a contract for any service, do your homework. The promise of such low merchant account rates may have strings attached. There are other methods of charging you on the account you haven't anticipated. Low rate promises can be bait to lure you into a situation that can cause other problems -- such as having them nickel and dime you to death on other aspects of the service, or worse, you may be stuck with horribly unresponsive merchant support...remember, you get what you pay for. Ask if you will have a dedicated account manager; often that responsive sales guy won't be heard from again after the ink dries!

Typical Problems:

Blindly signing a contract based solely on the promise of great merchant account rates is like the story about the love potion. A gentleman buys a love potion for only a penny. After the transaction, the lady of his dreams falls madly in love with him; so much in love that he eventually becomes constricted and trapped in the relationship. He goes back to the dealer for an antidote to the potion. There, he finds the cost for the antidote to be thousands of dollars. Getting out of something is often harder than getting in, which leads us to:

• Termination Fees -- Cheap rates may lure you in but, once you determine there are problems you may want to end your relationship. Check beforehand to determine how much it will cost to end your contract.
• BBB Rating -- Checking with the Better Business Bureau is always a good first step. Find out if others have had problems with the service and what rating the merchant service has.
• Hidden Costs --  Ask if there are minimum monthy transaction fees.  Make sure your rates are not subject to arbitrary increases during the length of the contract. Those initial "low" merchant account rates may jump after only a few months with no warning.
• Customer Service Aspects -- Does the merchant account service have a good customer service record? Does someone actually answer the phone when you call or do you get a "please leave a message" recording ? Are you assigned a personal account manager to handle any issues you may have for the life of the account ? Having someone who is familiar with your account to contact is very helpful.  Determine if the company outsources customer service to foreign lands. Often, Georgia ears may not correctly understand Sri Lanka accents. Such complications can be frustrating and slow responses to critical account issues.

At Durango-Direct.com, you will work with the same account manager from the initial application through the life of the account! We don't farm our customer service off to an 800# after you sign up. Dedicated account managers are the reason Durango has a high merchant retention rate.
The bottom line is, read you contract all the way through. Don't just rely of the promise of merchant account rates. Make sure the contract is something you can live with for the duration of the term before you jump in. Great merchant account rates are only the tip of a submerged iceberg. The part you don't see can often cause the greatest problems.
Service You Can Count On, People You Can Trust - Durango Merchant Services