MERCHANT / ISO SERVICES
|Stand Alone Options for ISO and Merchants||Quantity||Price|
|PAX Programming Services
|$29 /per computer|
|PAX S300 Payment Terminal
(includes USB pigtail cable and programming)
|Per Incident Support||$60|
ABOUT MERCHANT ACCOUNTS
What is a Merchant Account
A merchant account is an account that enables merchants to process online credit and debit payments. It is required in order to process payments.
A merchant account is opened by the merchant with a Merchant Service Provider or Financial Institution. In most instances, opening a merchant account is similar to opening a line of credit, since credit card funds are deposited into your account before they are collected from the customer.
When you process payments utilizing Intuit Merchant Services, Intuit opened a Merchant Account in your behalf.
Are all merchant accounts the same?
When you process a payment, the charge/credit request goes through a processor (there are only a handful of processors). The processor authorizes the transaction with the credit card issuing bank and an authorization is issued to you. When the authorization is issued, the card companies (Amex, Visa, MC) take their cut, which is the same for everyone! They also deduct the commission to be payable to your Merchant Services Provider for obtaining your account (Intuit being one of them). This commission is determined by the Merchant Service Provider and in many cases, you might not be aware of how much it is.
Although they are similar in function, not all Merchant Accounts are the Same! Although the payments are processed by a same or similar processor, the big difference comes in the way each Merchant Service Provider conducts business:
Some of them will give you a very competitive rate in order to close your business. Just so that they can hit you with price increases soon after.
Others will be deficient when it comes to supporting your account. Either by the lack of knowledge, because the margins are not enough for them or because it’s their business model.
Why you should not to get the cheapest Merchant Services
Like so many other things, you get what you pay for. This is important because if the ISO/Agents goal is to get your account at a low margin, most likely he/she will not be interested in servicing/maintaining your account. Instead, probably be focused on obtaining the most possible number of accounts in order to maximize the value of his/her portfolio.
This is not a good situation for you. If you need assistance in resolving issues with a transaction or, something went wrong with your batch and the funds were not deposited, you want someone there to help you! No matter how long it takes.