5 frequently asked questions about merchant accounts

5 FREQUENTLY ASKED QUESTIONS ABOUT MERCHANT ACCOUNTS

Are merchant services right for my business?
​Merchant services can really help your business grow and control costs. Engaging a payment processor that uses their own products and technology is more likely to be cost effective. Fraud prevention and data security are as paramount online as they are in-store. Choosing a merchant provider that specializes in eCommerce, for example, will ensure that you can securely accept payments from all major credit cards, as well processing popular virtual payment types, such as Apple Pay.

The best merchant services can transform how your business manages transactions, saving you both time and money, allowing you to focus on other areas of your business.

2) Will I be approved for a merchant account?
This will depend on your type of business, and whether the credit card networks have assigned you any risk factors. You may experience a longer application process, or be required to pay higher fees for transactions with a bigger risk factor.

3) How much will it cost to have a merchant account?
The cost of accepting credit card payments can vary. It’s important to note what fees will be assessed for your company, which will be laid out in the initial contract. The fees you are responsible for will include both interchange rates and processing fees. Depending on the payment processor you choose, there may be room to negotiate a better, or lower rate for your business.  On average, Superior Payments, has directly provided services averaging 2.3% on down to 1.89% depending on sales volume, average ticket size, and number of transactions, along with card type.

4) How long will it take before I'm up and running?
The setup process is dependent on different variables of a business, like size and card acceptance method. Larger more established businesses that require multiple POS systems in multiple locations, for example, could experience a more extensive setup.  The average time frame to receive a merchant account is 24 hours - depending on if you need equipment programmed, or e-commerce integrations, you may need an additional 24-48 hours depending on the team to integrate the solutions.

5) What type of POS do I need?
The type of terminal you need will depend on the type of payment method your business will be accepting. If you are based in a single location, a POS terminal may be the best option, however, if you are on the move, then a virtual terminal or mobile device that works with an integrated app, for example, would be a better option.

Why choose Superior Payments as your payment processing partner? 
Founded in 2015, Superior Payments is a broker leveraging the power of the world’s largest electronic payment processors, while delivering a high level of customer service - which is sorely lacking in the industry with payment processing providers. 

Superior Payment's mission is to provide an ethical stance and growth-driven posture as a payment processing partner with businesses from all over the United States.  We connect you with a processor that meets your needs while delivering a dedicated customer care representative to answer your every question within minutes of your query, direct and prompt reporting, and the best possible fee structure to keep your fees low and cash flow levels high.

How do I sign up?