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LEGAL ISSUES

Paying Too Much in Credit Card Processing Fees?

New website aims to help business owners compare merchant processing services.
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Customer-based business owners that worry if they are paying too much on fees levied by credit card processors can now turn to a new website that will help them choose the best options for their business.

MerchantAccountGuides.com, the latest website from CreditCards.com, Inc., aims to help small businesses with that challenge by bringing transparency to the often confusing market of merchant processing services.

"The number of offerings and the way different account providers bundle and package services make it hard for small businesses to choose a provider," said Jody Farmer, VP of Strategic Marketing for CreditCards.com. "[We present] the components of providers' [plans] to make it easy to compare them."

Users can compare merchant accounts by type, including retail, internet, and telephone merchant accounts, or individually by merchant account providers. The side-by-side comparisons analyze providers, from American Express to Total Merchant Services, by services offered and fees charged, and directly link users to merchant providers.

The site also features news and advice, from how to shop for the right merchant account to how to prevent employee credit card abuse. And Director of Marketing and Consumer Research Ben Woolsey has big plans for the site.

"We hope to continue to build editorial content and provide more specific how-to guides," he says. "We also want to build calculators or scenario tools to point you to a particular provider."

In addition to the tools and tips on the website, Farmer offers his own advice to entrepreneurs. "In a retail or internet environment, it's tempting to go with something you've used before, or that a friend or colleague has used—but unless your business is just like theirs, you'll be better off if you shop around and educate yourself."

Last updated: Apr 10, 2009




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