Home Finance 4 Myths About Merchant Account Services Debunked

4 Myths About Merchant Account Services Debunked

by Gavin Tyler
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Global payment solutions are services provided by the company Global Payments. The services offer payment processing services to merchants. This lets the merchants accept credit or debit cards for business transactions. In return, they receive a percentage from every transaction. For every online business, a merchant needs a merchant account. And every merchant account needs global payment for payment processing; that’s a fact! However, there is a bunch of myths revolving around merchant accounts. These myths are discouraging merchants from getting an account. The loss is theirs as they won’t execute the online payment procedure if they listen to the myths. If you know the myth, don’t pay attention. If you don’t, then keep reading the article as we have got important information for you.

Merchant Account Services Are Scams

Whoever told you this doesn’t know what merchant account service is and how it works. Okay, let’s suppose that you are assuming a service provider to be a fraud; what to do next? A good rule of thumb is to read reviews regarding that particular service provider. The more reviews you will read, the better you will understand. So before immediately signing your contract, you need to do plenty of research to minimize the chance of being scammed. I would suggest you always check online and try doing research even if you don’t find anything suspicious.

Accepting Card Payments Can Be Expensive

This is yet another myth that bothers merchants with significantly smaller businesses. The charges will be required, not denying that. However, it’s deficient compared to the number of customers who pay with their cards. Taking your business payment solutions online is necessary as customers prefer using their debit or credit cards to pay for either in-store or online purchases. Many people don’t carry cash with them as it’s risky to carry money. Also, very few people use the old way of paying by checks. Instead, they opt for a smarter and safer solution, and that is paying with cards.

Local Banks Are Better

Indeed working with local banks is a good idea. Some banks may also offer merchant account services. However, the idea isn’t as good as it sounds. The local banks won’t give you the best rates as others. Merchant account service providers have relationships with several different tiers to give your business the best support and great value. So, a local bank isn’t always a great idea.

You Need A Prominent Merchant Account Provider

Many business merchants can think that they need the biggest merchant account, provider. I say it isn’t necessary. Sure, you want to take your business on top, but working with larger providers means more unnecessary expenses. You also may assume that the larger the provider, the greater service offerings. That’s not entirely right. Size shouldn’t be the consequent factor when you are deciding on a provider. Even smaller companies can give you better rates and services. Hence, you need to compare providers and see what they offer and how you can benefit from them.


Myths like these are baseless and have no real value. They are simply there to confuse merchants into giving up, so it’s better not to pay heed. Have you heard about these myths? Do let us know.

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