By Willie Crawford
Copyright 2004
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 merchant
account, 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. If
you'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 industry
for 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 to make 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!
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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!
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