Haystack

Haystacks always bring back memories of warm country days and games of hide-and-seek.   Unlike needles, children are much more easily located!

What’s harder than finding a needle in a haystack?  Some self-employed friends say it’s finding a credit card processor for their small business.   Therefore, I was surprised by a link to a U.S. Small Business Administration article that claimed there are a large number of services offering merchant accounts to small businesses.  There is a catch, of course.  Rates vary greatly and may run as high as 36%.  That’s a huge chunk of cash for any business, especially a small one that is just getting started.    Not all merchant accounts are this expensive, but the article didn’t guide the reader to new-business-friendly processors.  It did encourage small business owners to beware of too many “bells and whistles” that may raise costs and cautioned them to carefully check associated fees. 

That still leaves the small business owner searching for the best rates.  I think this is a time, when it really pays to do your homework.   While business type and credit worthiness will affect the rate, there is still a large variation between processing services and an owner should consider both traditional and online services. Time invested on internet searches for the best rates and solutions may have a substantial impact on the bottom line.