How to Open a Free Merchant Account
Locate merchant banks with free account offers., Review the search results to find reputable companies and offers., Compare the different offers of the reputable companies., Make a list of the most attractive free offers., Review offers provided by...
Step-by-Step Guide
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Step 1: Locate merchant banks with free account offers.
You can do this by running a search for “free merchant account” at your favorite search engine.
Be sure to include the phrase in quotation marks.
You may also want to try a couple different search engines as well.
Even those using the same database can return different results.
Some search engines to try include:
Yahoo Google Bing WebCrawler -
Step 2: Review the search results to find reputable companies and offers.
When reviewing each result look for signs that the company is reputable or not reputable.
These may include:
Website design.
A great design means the company put thought into the site and/or had the means to pay someone else to do so.
Either way, it shows that the company cares about its customers experience.
Great designs are not only visually appealing, but make it easy for users to locate the information they want.
A poor design could mean that the company is not very serious about a customer’s experience with it, but is more concerned with making a sale.
Grammar and spelling.
A site with impeccable spelling and grammar is a site that someone took the time to write, proofread, rewrite, and proof again.
It shows that the company wants to make a good impression and is willing to work at doing so.
A site with spelling errors and poor grammar, however, may have been created by someone who is careless and unwilling to make an effort to put his or her best foot forward.
The website’s Uniform Resource Locator (“URL”), or address.
A website’s URL can tell you a lot about the company that owns it.
Domains in the format of www.companyname.com or www.companyname.net are usually owned by private companies and individuals and are available to anyone.
Domains in the same format with .org are normally owned by non-profit organizations, but are available to anyone.
Domains ending with .gov are available only to the United States Government and the most reliable and trustworthy sites reside on these domains.
The longer a domain name gets, and the stranger is looks, the less trustworthy it becomes.
A well-known name in the banking industry.
For the most part, websites belonging to well-known banks and credit unions are trustworthy.
For example, City Bank, Star Financial, Bank of America, Chase, PNC, and Wells Fargo all popular, nationwide banks, that one can expect to provide honest, reliable services. , When comparing offers you should look at several factors, including:
Discount rates.
A discount rate is the percentage of each sale or transaction that you are charged by the card associations (Visa, MasterCard, Discover, or American Express).
You cannot escape this one fee, no matter what bank you chose to use for your merchant account.
Discount rates are generally charged on a three-tier system, including qualified, mid-qualified, and non-qualified purchases.
Each charge is assigned a tier based on the card type (personal, business, or corporate) and how the transaction is processed (card present or not present), with qualified purchases receiving the lowest discount rate and non-qualified the highest.
Monthly fees.
Monthly fees for merchant accounts can range from nothing to $25 or $23 a month, and many companies offer a lower rate for the first few months, so make sure that the ‘no monthly fee’ is for the life of the account and not just a promotional discount.
Other fees and charges.
Just because a company says no monthly fee, or free merchant account, does not mean they are not going to try to sneak in other charges.
Read the fine print and any starred items at the bottom of the page to ensure that free really means free.
Cost of equipment.
When a bank offers a free merchant account, that should include any equipment you may need in order to swipe cards, however that is not always the case, and sometimes, “free” merchant account offers are only free if you do not include the monthly equipment rental fee. , Choose the free offers you like the best and make list of the companies’ names, addresses, and contact information, including website address. , FreeMerchantcom.
Owned by Wells Fargo Bank, N.A., FreeMerchant.com is a trusted source for merchant services.
Square.
One of the newest merchant services company to emerge, Square offers a simply way for you to swipe cards using your iOS or Android device.
PowerPay.
Owned by Deutsche Bank AG, Power Pay is a trusted source for financial services.
Merchant One.
Owned by Wells Fargo Bank, N.A., Merchant One is a free and trusted provider of merchant services. , Consider eliminating any companies that have complaints by crossing them off your list.
Some places to look for complaints include:
The Better Business Bureau (“BBB”) Ripoff Report Consumer Affairs , Compare the offers of the popular banks to those on your reputable companies list, and cross off all but your top three (3) choices. , Talk to friends, family, and colleagues who have merchant accounts and get their opinion of the banks remaining on your list.
You can also look online for reviews.
Just use your favorite search engine to search “merchant services reviews” or visit these sites for consumer and company reviews:
Top Ten Reviews Trust Link Reviews.
Just search for “merchant bank” in all areas.
Merchant Maverik , -
Step 3: Compare the different offers of the reputable companies.
-
Step 4: Make a list of the most attractive free offers.
-
Step 5: Review offers provided by popular banks for inclusion on your list.
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Step 6: Check for consumer complaints against the companies on your list.
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Step 7: Narrow it down to the top three (3) banks.
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Step 8: Collect some reviews and recommendations.
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Step 9: Choose the bank or company with which you feel most comfortable.
Detailed Guide
You can do this by running a search for “free merchant account” at your favorite search engine.
Be sure to include the phrase in quotation marks.
You may also want to try a couple different search engines as well.
Even those using the same database can return different results.
Some search engines to try include:
Yahoo Google Bing WebCrawler
When reviewing each result look for signs that the company is reputable or not reputable.
These may include:
Website design.
A great design means the company put thought into the site and/or had the means to pay someone else to do so.
Either way, it shows that the company cares about its customers experience.
Great designs are not only visually appealing, but make it easy for users to locate the information they want.
A poor design could mean that the company is not very serious about a customer’s experience with it, but is more concerned with making a sale.
Grammar and spelling.
A site with impeccable spelling and grammar is a site that someone took the time to write, proofread, rewrite, and proof again.
It shows that the company wants to make a good impression and is willing to work at doing so.
A site with spelling errors and poor grammar, however, may have been created by someone who is careless and unwilling to make an effort to put his or her best foot forward.
The website’s Uniform Resource Locator (“URL”), or address.
A website’s URL can tell you a lot about the company that owns it.
Domains in the format of www.companyname.com or www.companyname.net are usually owned by private companies and individuals and are available to anyone.
Domains in the same format with .org are normally owned by non-profit organizations, but are available to anyone.
Domains ending with .gov are available only to the United States Government and the most reliable and trustworthy sites reside on these domains.
The longer a domain name gets, and the stranger is looks, the less trustworthy it becomes.
A well-known name in the banking industry.
For the most part, websites belonging to well-known banks and credit unions are trustworthy.
For example, City Bank, Star Financial, Bank of America, Chase, PNC, and Wells Fargo all popular, nationwide banks, that one can expect to provide honest, reliable services. , When comparing offers you should look at several factors, including:
Discount rates.
A discount rate is the percentage of each sale or transaction that you are charged by the card associations (Visa, MasterCard, Discover, or American Express).
You cannot escape this one fee, no matter what bank you chose to use for your merchant account.
Discount rates are generally charged on a three-tier system, including qualified, mid-qualified, and non-qualified purchases.
Each charge is assigned a tier based on the card type (personal, business, or corporate) and how the transaction is processed (card present or not present), with qualified purchases receiving the lowest discount rate and non-qualified the highest.
Monthly fees.
Monthly fees for merchant accounts can range from nothing to $25 or $23 a month, and many companies offer a lower rate for the first few months, so make sure that the ‘no monthly fee’ is for the life of the account and not just a promotional discount.
Other fees and charges.
Just because a company says no monthly fee, or free merchant account, does not mean they are not going to try to sneak in other charges.
Read the fine print and any starred items at the bottom of the page to ensure that free really means free.
Cost of equipment.
When a bank offers a free merchant account, that should include any equipment you may need in order to swipe cards, however that is not always the case, and sometimes, “free” merchant account offers are only free if you do not include the monthly equipment rental fee. , Choose the free offers you like the best and make list of the companies’ names, addresses, and contact information, including website address. , FreeMerchantcom.
Owned by Wells Fargo Bank, N.A., FreeMerchant.com is a trusted source for merchant services.
Square.
One of the newest merchant services company to emerge, Square offers a simply way for you to swipe cards using your iOS or Android device.
PowerPay.
Owned by Deutsche Bank AG, Power Pay is a trusted source for financial services.
Merchant One.
Owned by Wells Fargo Bank, N.A., Merchant One is a free and trusted provider of merchant services. , Consider eliminating any companies that have complaints by crossing them off your list.
Some places to look for complaints include:
The Better Business Bureau (“BBB”) Ripoff Report Consumer Affairs , Compare the offers of the popular banks to those on your reputable companies list, and cross off all but your top three (3) choices. , Talk to friends, family, and colleagues who have merchant accounts and get their opinion of the banks remaining on your list.
You can also look online for reviews.
Just use your favorite search engine to search “merchant services reviews” or visit these sites for consumer and company reviews:
Top Ten Reviews Trust Link Reviews.
Just search for “merchant bank” in all areas.
Merchant Maverik ,
About the Author
Gregory Taylor
Brings years of experience writing about home improvement and related subjects.
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