Getting Free Merchant Account – Myth or Reality?

Getting Free Merchant Account – Myth or Reality?

Today, you can use lots of methods and solutions for your business growth, but it might still be challenging for merchants to stay competitive.  There are two main tactics that can be applied for increasing your income, which is increasing revenue and decreasing your expenses, and that is why merchants often look for free or low-cost products. There are some things that you can really get for free and you will be satisfied with the quality, but when it comes to setting up a free merchant account, it is something that you should avoid. The thing is that advertising this type of account for free is a tactic used by service providers to attract your attention, but it is just a catch. So, is it really possible to save your money on opening a merchant account?

Why Is a Merchant Account Important?

Opening a merchant account is the right choice for businesses because this is how they can accept credit/debit cards payments. Just a few decades ago, there was the only way to go in order to accept such payments, which is setting up a merchant account, but today, it is possible to run a small business without opening such an account if you use, for instance, PayPal. Well, it does not mean that transactions are conducted without a merchant account, because PayPal has it for all vendors. This can be a temporary solution for a small or startup business, or those who cannot open their merchant account in a bank, but there is a range of disadvantages of this solution, which will actually affect your business success, such as high chargeback fees, suspension of your account at any time, waiting for several days before accessing your money, etc. Moreover, many customers just do not like using PayPal for many reasons. This means that if you are planning on establishing a reputable business that will grow, you should opt for a merchant account.

How Much Will It Cost You?

Fees that you will have to pay for your merchant account depend on a range of factors. For instance, if your business is labeled “high-risk,” you will be asked to pay more than those who are considered to have low-risk businesses. Moreover, many financial institutions will simply reject your application for opening such type of account. There are also other reasons that make setting up your merchant account more complicated, such as a low credit score, being a startup, operating outside the US, etc. It seems problematic, but there is a solution. We at PaySpace specialize in opening merchant accounts for different business types and sizes.

It is important to understand that setting up a merchant account takes time, efforts, and money of those engaged into the process, and that is why offering it for free just does not make sense. Moreover, it is one of the things worth investments because your convenience and the level of customer satisfaction depend on the quality of the payment service that you use.

How to Find the Best Deal?

When looking for the best offer for setting up your merchant account, you should pay your attention not only to the price but to services and features that you will get for paying it. A merchant account is not the only things that you need to set up because it is also important to use a reliable payment gateway and ensure that you will be able to accept the required currencies in certain countries. Do you know that chargeback might turn out into a big problem? So, this is also something that you should think about.

Why Choose PaySpace?

No, we do not offer a free merchant account, but we offer flexible pricing starting at just 1.2%. Our comprehensive payment solution will allow you to enjoy quick and secure transactions. Moreover, we have in-built chargeback and fraud prevention solution, which will allow decreasing the number of related problems to a minimum.

We offer the following:

  • Company and account registration;
  • Credit card processing;
  • Fraud and chargeback protection;
  • A large number of payment methods;
  • Plenty of currencies to use in various countries;
  • Different integration methods.

How to Use Our Services?

We work with a wide range of industries, including those considered to be high-risk, startups, businesses with low credit scores, etc. We have solutions for different business types and sizes, but in order to understand what exactly you need, we need to find out some information about your business. This will allow us to provide you with comprehensive information on the following:

  • How long it will take to start accepting credit/debit cards payment;
  • How much it will cost you;
  • What method to choose for integrating our services;
  • More information about our services and how can you benefit from using them.

Our highly qualified specialists will gladly answer all your questions. There are several contact means that you can use in order to reach us, including phone, email, and an online contact form.

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