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When looking for a merchant account provider, is a small business better off at a bank or an ISO?
Our business is small but growing, so we must engage a merchant account provider. We aren't sure if we should get our credit card processing services from a bank or an ISO. In our case, it would be many modest transactions as compared to high dollar amounts every month. Advice?
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2 Answers
Check out Costco before you go anywhere else. I identified them for a commercial loan customer last year. Costco proved to be the least expensive of almost all merchant service providers. Secondly, if you sign up in July, you get a month of free transactions. Here's the link:
http://www.costco.com/Browse/Productgroup.aspx?Prodid=11105019
Business Lending Solutions LLC helps identify lending solutions for small and medium-sized business clients/prospects nationwide who require a commercial loan of any type. We also consult with those companies who have not grown to the point they can afford the benefit to hire a full-time CFO or Controller. Let us know if we can be of further service to you.
Terri B. Wyzkoski
Managing Member
Business Lending Solutions LLC
11654 Plaza America Drive #363
Reston, VA 20191
Twyzkoski@BusinessLendingSolutionsLLC.com
Direct: (703) 655-9939
Skype: BLS_TerriWyzkoski
Linked-In Profile: http://www.linkedin.com/profile?viewProfile=&key=11431574&locale=en_US&trk=ta...
www.BUSINESSLENDINGSOLUTIONSLLC.com
Your Financial Solutions Provider…
Gabe,
Although some banks can offer an aggressive deal, I found processors usually can and will get a little more creative. However, before I would even think about offering a proposal, I would have three questions to start.
1-What do you expect to be your total number of transactions monthly?
2-What do you expect the average ticket to be per transaction?
3-Would most of your transactions be swiped (in-person) or manual (telephone)?
Even if you do not choose me as your processor, I will at least provide you with something you can compare to someone else.
Mike O’Sullivan
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