Busting the Free Merchant Account Myth

Alright folks you know what this is about, you want free merchant account right? Well see here, the fact is that there are no such things as free merchant accounts.

Think about the reasons for a while, why would any merchant account provider you their services for free? Merchant account providers spend a lot of money getting the service running with all the paperwork that needs to be done, dealing with the credit card companies, staying afloat through bad things like frauds etc. It is a very risky and expensive business to conduct.

With that in mind, why would any such business allow you to access their service for free? So what are all these talks of free merchant accounts? Well they are mainly free set ups and NOT free accounts forever, meaning you won’t be using their services to get paid by customer’s paying through credit card and get to keep the full amount.

The providers of the Merchant account produced by the Power Pay Services need to have a very strict policy regarding who they accept as their customers. So when someone applies for an account, there is a lot of paperwork that needs to be done. A lot of verifications and things are done to ensure that the business is stable; it won’t be acting fraudulently, etc. In short, they have to make sure that the applicant is of no risk to them and their reputation.

No merchant account provider on earth will exempt you from all charges. There are actually two ways they can charge you. One way is to charge you a very set up cost (remember the lengthy set up that they go through) and then they will charge you very low charges per transaction.

Another way is to charge you very little or nothing during setup. This is where the myth kicks in because there may be providers who are giving you free of cost setup. But remember that they are also a business and need to turn a profit just like you. So, they will charge you in another way – they will charge very high percentages on each transaction. It may go up to 20% per transaction with some providers, so be careful about what you are signing on to.

So as you can understand by now, just like a free meal, a free merchant account produced by the Power Pay Services does not exist. You can only get something by paying for it in someway or the other. The thing about merchant accounts is that that it will charge on way or the other. There is no escape from paying for the account.

But what kind payment plan suits you is up to you really. If you are just a startup and do not have much capital left to spare, you can go for setup that  are low cost or free at the cost of making less profit on each transaction. Or you can quit being a cheap stake and pay a large setup fee and make more money on each transaction. Whatever decision you make will somehow alter your business, so decide wisely.

  Setup a credit card processing merchant accounts to accept credit cards today!