There are several factors to think about when looking for the best merchant account that is best for your business.
Be sure that you understand all of the fees involved. When you are initially given a quote, there are some fees you may not fully understand. Take a few minutes to read over your application and ask any questions you may have about the confusing fees. The majority of quotes that you will receive will not list all of the fees.
Be leery of rates that seem suspiciously low. Be certain that you have been quoted the correct rate for the kinds of transactions you will be handling. For instance, if you are a retailer you will want a retail merchant account and not a mail order account. When you are given a rate quote, ask if the rate is the standard rate or the introductory rate. Introductory rates will be raised after a certain period of time.
Prior to even setting up a merchant account, you will want the details of how you would cancel your account if you wanted to. There may be an early termination fee or there may be a certain time commitment. There are some companies that will automatically renew a contract unless you notify them in writing at least 30 days in advance that you want to cancel. Not every company will require a contract from you. You may want to look for a flexible company with no long term contract.