Finding the Best Merchant Account Service for Your Business

Comparing the top two merchant account companies on the market

If you are ready to begin accepting credit cards at your business or on your website, a merchant account is an absolute must. But how in the world do you choose the right company for your merchant account. It can be hard to know what to compare and how to compare all the different aspects of a merchant account. To help you with that, let's compare the top two companies, Merchant Warehouse and Merchant Express, for setting up a merchant account and look at some important factors to consider and how each company measures up.

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Start Up Costs

Start up costs refers to how much it costs to set up your merchant account for the first time. Both Merchant Warehouse and Merchant Express charge $0 for set up fees in order to get your merchant account up and running.

Account Set Up Time

Depending on the merchant account company you choose, it can take between 24 hours and a couple of weeks to set up your merchant accounts. Merchant Warehouse takes 1-2 days to set up your merchant account and Merchant Express usually only takes 1 day to set up your account.

Average Discount Rate

The average discount rate is the average cost that the merchant account company charges for each purchase that they process. Discount rates vary on any merchant account depending on the type of transaction and if the card is present during the purchase or not. The average discount rates at Merchant Warehouse and Merchant Express are similar, although the average discount rate starts lower at Flagship.

Cost Per Month

The cost per month for a merchant account refers to how much it costs per month for the account. Many merchant accounts have a minimum charge that is waived as soon as the transaction fees are above that amount. Merchant Warehouse charges a $25.00 monthly minimum fee for online accounts and no monthly minimum for in person businesses. Merchant Express charges a $20.00 minimum monthly fee.

Acceptance Rate

Merchant account companies are all different and acceptance rates for setting up a merchant account can vary widely. This is also called the merchant account approval rate sometimes. Both of the top two main companies have very high approval rates with Merchant Warehouse approving 99% of applicants and Merchant Express accepting 98% of applicants.

Customer Service

Customer service is an extremely important consideration for any merchant account since you don't want to lose business because you can't solve a credit card processing problem. Both companies have 24/7 customer service for both equipment and accounts.

Online Payment Options

As more and more businesses open online and offer their products and services online, having a merchant account that has a safe and secure online payment processing is important. Both companies offer online merchant accounts, although Merchant Warehouse offers multiple options for online payment processing.

Summary

Use the chart below to see a side-by-side comparison of the two main merchant account companies on the market.

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Merchant Warehouse has over 115,000 satisfied clients, an A+ rating from the Better Business Bureau, and will match any competitor's rates for merchant accounts and credit card equipment.

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