How do I Choose the Best High Volume Merchant Account?

Tess C. Taylor

High volume merchant accounts typically can handle a number of personal and business transactions, so the key to choosing the best account is to use a trusted company that has a secure merchant account log-in system, live telephone support when problems arise, no limits on the amounts or the number of transactions handled, and reasonable transaction fees. All of these factors should be considered by merchants choosing an account that will allow smooth transactions that can be managed with ease.

Businessman with a briefcase
Businessman with a briefcase

Many consumers and businesses find it necessary to conduct a large number of sales or financial exchanges online, and, as a result, need a high volume merchant account to handle numerous financial transactions. It can be a challenge, however, to find a merchant account that is not unreasonably expensive and that offers good security.

Choosing a high value merchant account depends on the types of transactions to be managed, which may include credit card transactions, wire transfers, and check payments. Each type of merchant system offers services that can be customized to the needs of the company. A high volume merchant account can be selected based on the number of transactions it offers and the fees it charges. Some merchant accounts cap the number of transactions that can be performed or impose stiff fees. Choose a high volume merchant account that allows for unlimited transactions and a tiered fee scale that lowers the transaction fee as customers process more transactions.

In addition to limiting the number of transactions, some merchant accounts may limit the dollar amount of each transaction or the amount of the total transactions during a particular time period. Some can also charge high fees for large dollar amounts. This can pose a problem for a merchant who is selling high dollar merchandise. When selecting a high volume merchant account, be sure to determine if the account terms allow for transaction amounts that suit the business.

When choosing the right high dollar merchant account, be sure to use a financial provider with a solid reputation for keeping transactions secure, particularly for online transactions. Use a merchant account that has an updated anti-fraud and Internet safety program. Only use a merchant account that states clearly on the home page of its website that the company is registered with consumer and business protection agencies like the Better Business Bureau in the USA, for example. In the case of suspected fraud, the merchant account should offer protection for customers.

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