Cheap Merchant Account Providers Are Still Available In 2021
Businesses need cheap merchant account providers for multiple reasons. The first and foremost is low transaction charges. As experienced merchant service professionals, we have seen many merchants paying high transaction fees. Some that may qualify for 2% are paying over 4%. The truth is that this industry works like a used card sales industry. Not every processor will have the most accurate solution; however, they will never say no. A merchant has no way to know which is the acquiring bank.
Quadrapay Team understands this well and will ensure that our merchants reduce the cost of the transactions. It is very easy for merchants that are already accepting payments. We get the upper hand, and we may state to the processor that these are the current rates. Naturally, the provider will offer cheap rates or match the rates as higher fees will not help win the deal.
This article elaborates on finding truly cheap merchant account providers and accepting payments at rock bottom fees.
What Differentiates Cheap Merchant Account Providers From Others.
There are mainly two types of providers in the market today. Few are direct, and many are indirect. Let’s look at the industry from within by analysing these two.
- Aggregated Options
- Dedicated Direct From Bank. These are the ones we refer to as Cheap Merchant Account Providers.
Now an aggregated merchant account might suit small businesses that do not have to make large transactions daily, when it comes to managing a big company like an eCommerce company or retail chain, the traffic increases.
Large and growing companies require a different solution to make large transactions quicker and safer, like a direct merchant account. Big organisations make big money and have high operational costs. They need to ensure that they save maximum on credit card processing fees. In these situations, we suggest merchants work with processing banks directly as these can indeed be cheap providers.
Merchants must be aware that its the bank that is the original card issuer and foremost acquiring institution. Since banks mainly consider merchant processing an off-balance activity, they sign contracts with various third-party companies to transfer liability and risk. In return, these companies get to work with merchants, and in many cases, they offer higher fees then what the bank provides.
Quadrapay works with processing companies and banks in the capacity of an introducer. Feel free to contact us, and we will be happy to write a few introduction emails for you.
Selection Criteria Of Merchant Account Providers That Claim To Be Cheapest.
When you are confused about selecting providers, then here is what you should know for clarity to land on the best.
- Affordable Fees: Direct providers should offer low or mid-range processing fees with transparent costing details. You should be aware of the overall investment made on such accounts and compare them. Once you find an inexpensive merchant account provider, go for it.
- 2021 Features: Many trusted providers take care of their customers by providing them with additional benefits. After the covid pandemic, merchants and cardholders are preferring to use CNP options. The provider should allow you to accept touch-free payments. Along with this ensuring that the gateway has built-in fraud reduction tools is also essential.
- Credibility And Reputation Of The Bank: When choosing the best provider, go for a trusted name that has been in the trade for a long time and is pro, not an amateur. It will safeguard your money and keeps your finances in safe hands.
These Cheap Payment Institutions Grow Even When They Cost So Less.
That’s correct. To grow, any organisation needs two things: awesome product and value addition for the user. Our Partner banks have both qualities. Although they cost a lot lesser than markup sharks, they still process 100X transactions than many expensive operators. They have large merchants using the services. These banks take an extended time to approve the accounts. However, when the mids get active, they stick for a very long time. Merchants focus on their growth, and the bank keeps on getting small margins on each transaction. These direct merchant account providers always think of the long term game.
Contact Quadrapay today to explore this unseen world of credit card processing.
Cheap Providers. Are You Asking For Too Much? The Conclusion.
As a merchant, you have the right to negotiate and choose an inexpensive and robust solution. You will have more confidence when you compare the prices offered by multiple providers. Since acquiring companies usually have only one business line that is payment processing, they generally push hard for high fees. In contrast, with banks, we all know that they have many lines of businesses. They love opening bank accounts and making money on loans. They do not focus much on merchant acquiring; however, they have to keep this vertical running. Most Banks offer services without heavy markups. Our partner banks in the European Union offer an interchange ++ model. Some also provide a fixed fee structure on a case by case basis.
Let Quadrapay be your guide. Since 2016 we have been assisting merchants with reliable payment solutions loaded with top of the line features and are inexpensive. Our expertise and global connections make us even more capable in 2021. Feel free to fill the contact form on this page, and we will contact you. You can also email us at [email protected]