Applying for Free Merchant Accounts through Merchant Account Agents

Merchant account agents can help you to obtain the so called “free merchant accounts”. The presence of the term “free’ associated with these accounts is highly confusing. Many people have the impression that these accounts are available free of cost. However, this is not so. The only thing is that the cost associated with these merchant accounts is very less.  There will be a discount rate which help you to get the merchant account at a reduced rate. However, no merchant account can be completely free.

Before approaching an agent, the business owner should have good knowledge on various aspects of the free merchant accounts such as the rates associated with it and whether it would be suitable for the business. The charges can vary considerably based on the agent. Internet can provide the information on these agents and the applicant should compare different agents based on several criteria like the rates, credibility and the previous experience a particular agent.

Once you have decided on an agent, provide him or her with the necessary documents such as accomplished application for merchant accounts, agreement, “business checking account’, incorporation documents, identification papers that are valid, business license, voided license, bank letter containing beneficiary name, website URL and return policy statement.

The approval time of free merchant accounts may also vary depending on the agent and can be very fast or may take a few days. However, this also depends on the submission of the required documents by you. The reliability of the agent is important and verify the information provided by the agent. Always make it a point to review the available options regarding the merchant account agents. They should provide any clarification on any aspect of the free merchant account required by the business owner. Please realise that if they are not co-operative in the beginning itself, they may be not be helpful later.

The fees associated with this type of merchant account include transaction fees, processing fees on a monthly basis, application fee (one-time), service fee for address verification, statement fees, charge back rate, reserve fees and return fees. Get all the information about these charges before deciding on the agent.

The free merchant account agents need to provide the customer with the proof of his or her identity. Avoid those agents who are not able to show the identity proof. Some agents may be hesitant to disclose the information, it is not necessary that they are illegal but you are the customer and if any inconsistency occurs, you will be facing problems. So try to avoid those agents who fail to give satisfactory information on their credibility related information.

Before proceeding to select an agent, business owners should have all the information on how to identify a credible agent and what are the important things to consider before selecting an agent. Otherwise, there are chances that they may end up selecting an agent who may cause trouble for you later and the business may suffer. Free merchant accounts are highly beneficial but selection of the agent should be done carefully.