How can you get the best merchant account in 2024? We’ll answer this and explain the process of getting the fastest, safe payment processing in a few quick and easy steps below.
But first, it’s important to note that not all payment processors are the same, and which one you choose depends on your business.
Payment Aggregator or Merchant Account Provider?
In general, there are two different types of payment processors.
- Payment aggregators, AKA PayFacs – These are providers that approve accounts very quickly, within 10 minutes
- Traditional Merchant Account Providers – These are providers that offer underwriting and more stability (more on this below)
The Aggregator Model
Regarding the aggregator model (think of things like Stripe and Square), they set your account up quickly, but in doing so, they know nothing about your business.
They don’t know how you sell, what you sell, how you ship, if you ship, your marketing model, and so on.
This is because they do not offer underwriting.
What’s the problem with this?
If anything triggers a flag in their system, the only way they can control risk is by closing accounts and holding funds.
Even worse, if someone in your industry, such as a competitor, does something they don’t like, then they look at the entire industry as a whole.
And through no fault of your own, you could find yourself with held funds or a full account shutdown! Yikes!
Now, there is technically nothing wrong with this; it’s just how their business model works. And for many people, these account shutdowns come as a complete surprise.
We hear the phrase, “I’ve been using Stripe and have never had an issue,” all the time. Fast forward a month, 6 months, etc… And that same business owner is calling us, scrambling to get a new account up because they’ve lost their ability to process payments.
Traditional Merchant Account Providers
Typically, traditional merchant account providers offer underwriting. This process allows the provider to learn about your business and prepare for any risk that may be involved.
In doing so, you end up with a much more stable way to process payments and the likelihood of having an account shut down or money held is DRASTICALLY reduced.
However, not all traditional merchant account providers are created equal.
When choosing who to use for your business, you want to make sure that they:
- Are a full-service merchant account provider
- Offer a dedicated point of contact
- Do accurate and THOROUGH Underwriting
- Have great customer service
For a detailed guide on which type of payment option you should choose, click here.
Easy Pay Direct – A Trusted Full-Service Merchant Account Provider
At Easy Pay Direct, we specialize in setting up your business with a merchant account that fits your business model… We work with nearly every vertical.
Whether it’s eCommerce, coaching, supplements, informational products, high risk, or anything else, we have a solution for you.
