What to Ask Your Merchant Account Provider

When it’s time to open a merchant account for your business, it’s important to do your research and ask the right questions. Not all merchant account providers are created equal. In fact, some have much higher rates while others do not offer the services that will benefit your business. Before you can select the company of your choice, make sure to ask the following questions regarding fees.

While there is no way around paying fees, it is important to ask a potential merchant provider about the specific fees they have. For example, SolidTrustPay is known for providing some of the best prices in the industry, and these low-rates are available for both online shoppers and entrepreneurs. However, whether you go with Solid Trust Pay or a different company, it is important to make sure that the company offers a complete list of transaction limits and fees.

Another fee you will want to pay attention to is the activation fee. Try to find a company like SolidTrustPay that allows merchants to open accounts for free. In fact, unlike most merchant account providers, Solid Trust Pay does not charge for many services, including monthly account maintenance and sending transfers to other members or merchants within the Solid Trust Pay network.

Also, keep an eye out for fees for withdrawals and deposits, as many companies cash in high fees for these transactions. However, SolidTrustPay offers extremely low rates for these transactions. For example, withdrawing a check through the company is $4, while a bank wire transfer is only $15 to $50. A deposit of a money order or check through Solid Trust Pay is only $2, while a bank wire deposit transfer is only $10 to $20. These are just some of the low rates provided by Solid Trust Pay and companies like it.