Would you rather spend a lot of money to accept credit cards with a great merchant account – or would you rather spend less for a great merchant account with the same features and service?

Well, unless you've recently undergone some sort of traumatic head injury, you'd probably prefer to pay less for the same features. Everybody would.

However, in the merchant industry, sometimes it's not as simple as comparing “A” with “B”. There are a myriad of different fees, charges and billing structures that make it quite complicated to figure out exactly how one service compares with another.

So let's take a look at how to find, compare and choose the perfect merchant account for your small business...

It greatly behooves you to research the terms and conditions of the fee structure associated with all of your prospective merchant services and/or banks that provide merchant accounts. Make sure to ask prospective merchant service company before you apply for a merchant account with them to forward you their terms and conditions. Regardless, ensure that you understand the terms and conditions very clearly before venturing into unfamiliar waters.

Things to watch for are:

1. Cancellation fees (how much, details, contract duration) - if you do not want to be locked into a contract, look for company that allows you to cancel at anytime.

2. Monthly recurring fees and possible Monthly minimum fee - I cannot stress enough that you need to read the terms and conditions and look for specifically sections addressing: Fees, Incidential fees, & Discount rate.

3. Free Equipment Offers – Make sure to read the terms and conditions to see if their is any potential charges you are unaware of, and who owns equipment if you quit processing with provider, and if their is a replacment cost if the equipment breaks or is damaged.

Armed with that basic information, shop around if you want to get the best possible credit card processing rates. There are many options, pricing plans and incentives available for setting up a merchant account - each one highlighting a certain facility; you should find out which one suits you the best. Some financial institutions do not charge installation fee, while others will charge a one-time overall fee but give you other facilities free. Every provider will charge a discount rate, ranging from 1% - 5% or more, depending on the type of the account. Most also include some sort of transaction fee, ranging from $0.05 to $0.25

In order to get the best credit card processing rates, you will need to do your homework well. Research thoroughly for the most affordable possible terms and conditions – but make sure that the company is reputable, as you don't want to be stuck with a service that has poor customer service, especially when their service involves your money!

Things to factor into the equation include your average number of transactions per month, your profit margin, your average order size, and how often you'll be accepting credit cards from your customers. Obviously, high-volume retailers will want to focus on reducing their discount rates and per-transaction fees more so than their monthly fees and so on, where small and micro-businesses with a larger order size, but less transaction volume can be more flexible with the discount rate and transaction fees, focusing more on reducing monthly/minimum fees.

At any rate, talk to others in your industry and compare their recommendations with your own research into your prospective merchant providers. Accepting credit cards should be a profitable investment if you choose the right service.

Just make sure to double-check those terms and conditions!

Find out more about boosting your profits with small business credit card processing >>

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Accept by Phone costs only $5.00 per month at 3.95% per sale. You can process payments in seconds - from any touchtone phone, including your cell phone.

And that's it - NO hidden fees ever, and NO cancellation fee. Use it risk-free, as much or as little as you'd like - and process any size of payment.

Keep in mind that our one-time setup fee is only charged if your application is approved. In the unlikely event that your application is denied, then you simply won't be charged a cent.

See Accept by Phone's Account Details Here >>

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