Choosing the right merchant account for a start-up business

Start up merchant accounts

When you’re starting out with a new business there’ll be many hurdles to challenge you along the way. Making some critical decisions early on can help make those initial days easier.

In order to maximise your potential revenue from the outset you’ll want a merchant account for start up businesses. If you’re not set up to accept card payments, particularly on high value purchases, when customers are used to paying with plastic this can have a huge impact on your business and profit margins.

By accepting credit cards, debit cards and mobile payments from the outset you’ll be in a stronger position to compete in the market and, in turn, increase profitability. To get set up you’ll need to use a merchant services company to handle your payments. Depending upon the type of business you operate, you will decide what kind of merchant accounts you can use to receive payments. There are certain providers that deal exclusively with online payments and gateways, while others will cover these along with face-to-face card payments.

It can take up to two weeks to set up a merchant account for a start up business, so you should plan for this. There are a handful of merchant providers that offer instant merchant accounts for new businesses, which allows you start taking payments immediately. While they’ll let you take card payments they’re not actually a full merchant account. As a result they’re often expensive and don’t offer the kind of security and protection you get with a proper merchant account.

Here are a few more things for you to think about:

  • As you’re a start up some merchant companies will ask for a cash advance as a deposit before taking any payments
  • If you want to keep costs down some more established merchant providers will charge start up businesses less
  • Make sure the service being offered is secure particularly if you’re using it to take payments on your website
  • Since you’re a start up you may be worried about making a big commitment. Look for shorter term contracts or for a payment provider that doesn’t tie you in to a contract with a minimum notice period or early exit fee.

Choosing the right merchant account for new business can be complicated. The fees that are associated with some merchant accounts for start up companies can be complex, which means it’s important to get a good understanding of providers and compare them for the best services and prices.

We can help you choose the right provider by taking all the costs into consideration before placing you with the merchant service company that best suits your business needs. Get in touch.


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