If you are going to do business online, then a merchant account is a must. Living in today’s modern world, once we decide to move forward with an account, we want it yesterday. That is why some account providers tout the instant account. But is there really such a thing? If so, how instant is it?
Approval in an Instant
The first thing to understand is that in order to open a merchant account you have to pass a legitimacy assessment and a credit check. Even those providers that cater to bad credit accounts need to see paperwork and receive assurances such as co-signer commitment before they will approve your application. All these things take time. So, in reality, there is no such thing as instant approval.
While a reputable account provider may not be able to provide you with an instant account, they can act quickly. By removing certain bells, whistles and options, some providers are able to streamline the process. In addition, providers who are financially sound, with strong reputations in their financial circles, can use their influence to speed up the process. If you take advantage of this prompt service, you should expect to pay a little extra for the privilege.
Speeding up the Process
No matter what type of merchant account you seek, there are always ways to speed-up the application process and ensure that delays are kept to a minimum:
∑ Concise applications forms that can be filled out online and save postage delays.
∑ A simplified and neat website design, free of distracting graphics and clutter. That way, information will be consolidated and it should be quick and easy to find everything you need to know (features, benefits, fees, options) in one location. This also makes it easy to refer back to.
∑ No negotiation. If you find a reputable account provider who is offering attractive rebates at reasonable fees, then there is no need for negotiation. Your application can be submitted and processed with a turn-around time from as little as seven days to two weeks.
Attractive and Competitive Rates and Fees
There is no such thing as a free lunch and buyers should beware of anyone offering free merchant accounts. There are, however, providers who offer attractive and competitive rates: this includes domestic facilities as well as international and offshore providers.
By reading up on these accounts and then looking into the various rates and fees offered by those that suit your needs best, you can find the right provider and get your application dealt with as quickly as possible. But remember, quality is more important than speed. The reliability of your provider and the services that it offers will affect your business and have an impact on your customers. Having the right account provider can even be the difference between a growing business and a failing one.