7 Questions to Ask A Potential Internet Merchant Account Provider – Merchant Account
7 Questions to Ask A Potential Internet Merchant Account Provider
Bobette Kyle
Recently, I went looking for an Internet Merchant Account. My mission was two-fold:
1. Open an account for myself and
2. Research options for my new ecommerce information site Take-Payments-Online.com.
After some research, I thought Id found an attractive Merchant Account offered through a reputable reseller. As it turns out, I learned the hard way that I was wrong.
Fortunately, my experience can help you avoid the same trap. Based on my own experience, I developed a list of questions to ask a potential merchant account provider. Understanding the answers to these questions before signing an application or agreement will help make for a solid partnership between you and your account provider.
But first, the story:
My Internet Merchant Account Experience
I found what looked to be a competitive Merchant Account offered through a program at a popular reseller. Fees were summarized on the resellers site and applying was simple. I paid an $89 set-up fee, which took me to an online application I was required to submit to get the process going.
Thats when things got interesting. Submitting an application meant agreeing to a previously undisclosed 45 page merchant agreement. An unmentioned termination fee was buried on page 11.
If I ever cancelled the account, Id be hit with a $295 termination fee. I knew from my research that the large termination fee was not competitive with other merchant accounts and other aspects of the account were not attractive enough to compensate.
Suddenly, this merchant account was not such a good deal.
More critically, however, the termination fee was not disclosed before I was required to pay for set-up. I immediately asked for a refund.
Non-Refundable
Then things got even more interesting. I was told the $89 fee was non-refundable. Id seen a footnote that the fee was non-refundable, but interpreted it to mean only if they actually did some work and processed an application. I had not completed an application and did not intend to after learning of the extra $295.
Using the email support system so I would have documented proof if I needed it, I insisted on a refund. Still no go.
When I explained there had been no set-up to justify a set-up fee, they responded that the fee was really an application fee - non-refundable, as explained in the footnote on the order page.
Basically, they were telling me Id paid $89 for a link to an online application, which I had not and did not intend to submit.
Finally, A Refund
I explained I would not take no for an answer. If we couldnt work this out Id report them to the Better Business Bureau for undisclosed fees, file a complaint with my credit card company, and copy the company president on each. My complaint was sent to the next level.
Finally, after an additional three day wait, the refund was approved.
Avoid An Internet Merchant Account Trap
I made the mistake of taking information at face value and relying on the resellers good reputation in other areas.
To avoid unpleasant surprises such as mine, insist on all information and agreements up front, before committing to the account or paying initial fees.
Having all of the documentation may not be enough. Be sure you understand all aspects of your Internet Merchant Account agreement as well as fees and equipment required.
If you find incomplete, unclear, or conflicting information, ask questions.
If your sales representative is more interested in getting your signature than helping you understand your commitments, ask for another representative or go elsewhere. There are many, many Internet merchant account options available. You need not be trapped into one that is uncomfortable for you.
Based on my own experience, I developed a list of seven multi-part questions to ask a potential merchant account provider. Before contacting a provider about fees and agreement details, you may also want to familiarize yourself with all of the potential fees associated with an Internet Merchant Account. There is a list here, about half way down the page: http://www.take-payments-online.com/InternetMerchantAccount.html
7 Questions to Ask
Understanding the answers to these questions before signing an application or agreement will help make for a solid partnership between you and your account provider:
1. Can I accept credit cards both online and offline
Do I need to get separate authorizations or permissions when setting up my account for different types of transaction Internet, retail, phone orders, etc.
What other additional fees are involved if I accept both online and offline credit card charges
2. Can I accept online payments using methods other than Mastercard and Visa Discover, American Express, Diners Club, online checks, debit cards, etc.
If so, what are the fees and do I need to do anything to "activate" those payment methods
3. What are the different discount rates and fees for different types of charges Internet, in person, telephone, mail, etc.
4. What are the other fees related to this account - yearly, set-up, application, monthly minimum, statement, support, cancellation, discount, per-transaction, gateway access fees, card reject fee
Are these subject to change
Are there any other fees
5. Do I process charges manually or automatically
If manually, is it possible to get automatic processing
If so, do you provide a secure online payment gateway
How do I do it and what extra charges will I pay
6. What other software and services do I need to become fully ecommerce enabled online such as secure gateway provider, etc.
Do you have a list of compatible or preferred providers
7. Do I need additional hardware or software
If so, what is the cost and how do I get it
Ask these questions and establishing a mutually comfortable relationship with your Internet Merchant Account provider from the start. It will help you avoid "traps" and lay the groundwork for a long, solid partnership.
About The Author
Bobette Kyle draws upon 10+ years of Marketing/Executive experience, Marketing MBA, and online marketing research in her writing. Her book, "How Much for Just the Spider Strategic Web Site Marketing for Small-Budget Businesses", shows how to better find, target, and attract Web customers. Read about it at WebSiteMarketingPlan.com - http://WebSiteMarketingPlan.com.
Copyright 2003 Bobette Kyle. All rights reserved.
Frequently Asked Questions About Wills, Living Wills and Powers of Attorney – Legal
Frequently Asked Questions About Wills, Living Wills and Powers of Attorney
Sheri R. Abrams, Attorney at Law
Frequently Asked Questions About Wills, Living Wills and Powers of Attorney
WHAT DOES A WILL DO
The simplest way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes is to prepare a will. A will is a legal document designating the transfer of your property and assets after you die. Usually, wills can be written by any person over the age of 18 who is mentally capable, commonly stated as "being of sound mind and body."
WHO NEEDS A WILL
Although wills are simple to create, about half of all Americans die without one or Intestate. Without a will to indicate your wishes, the court steps in and distributes your property according to the laws of your state. Wills are not just for the rich; the amount of property you have is irrelevant. A will ensures that what assets you do have will be given to family members or other beneficiaries you designate. If you have no apparent heirs and die without a will, its even possible the state may claim your estate.
Having a will is especially important if you have young children because it gives you the opportunity to designate a guardian for them in the event of your death. Without a will, the court will appoint a guardian for your children who may be someone you do not even know.
WHAT ARE THE ELEMENTS OF A WILL
What you generally need to make a will:
1 Your name and place of residence;
2 Names and addresses of spouse, children and other beneficiaries, such as charities or friends;
3 Alternate beneficiaries, in the event a beneficiary dies before you do;
4 Name and address of an Executor/ Executrix to manage your estate;
5 Name and address of an alternative Executor/Executrix, in the event your first choice is unable or unwilling to act;
6 Name and address of a guardian for your minor children;
7 Name and address of an alternative guardian, in the event your first choice is unable or unwilling to act;
8 The age you wish your minor children to have control of their inheritance;
9 Any burial requests you may have cremation, where you want to be buried, etc.;
10 Your signature;
11 Two Witnesses signatures; and
12 Notarization.
Two of the most important items included in your will are naming a guardian for minor children and naming an Executor/ Executrix.
WHAT IS A GUARDIAN
In most cases, a surviving parent assumes the role of sole guardian. However, its important to name a guardian for minor children in your will in case neither you nor your spouse is able and willing to act. The guardian you choose should be over 18 and willing to assume the responsibility. Talk to the person ahead of time about what you are asking. You can name a couple as co-guardians, but that may not be advisable. Its always possible the guardians may choose to go their separate ways at some later date, and, if so, a custody battle could ensue. If you do not name a guardian to care for your children, a judge will appoint one, and it may not be someone you would have chosen.
WHAT IS A EXECUTOR/EXECUTRIX AND WHAT DO THEY DO
An Executor/Executrix is the person who oversees the distribution of your assets in accordance with your will. Most people choose their spouse, an adult child, a relative, or a friend to fulfill this duty.
If no Executor/Executrix is named in a will, a Probate Judge will appoint one. Probate refers to the legal procedure for the orderly distribution of property in a persons estate. The Executor/Executrix files the will in probate court, where a Judge decides if the will is valid. If it is found to be valid, assets are distributed according to the will. If the will is found to be invalid, assets are distributed in accordance with state laws.
Responsibilities usually undertaken by an Executor/Executrix include:
--Paying valid creditors;
--Paying taxes;
--Notifying Social Security and other agencies and companies of your death;
--Canceling credit cards, magazine subscriptions, etc.; and
--Distributing assets according to the will.
WHAT ABOUT UPDATING MY WILL
Youll probably need to update your will several times during the course of your life. For example, a change in marital status, the birth of a child or a move to a new state should all prompt a review of your will. You can update your will by amending it by way of a Codicil or by drawing up a new one. Generally, people choose to issue a new will that supersedes the old document. Be sure to destroy the old will after you sign a new one.
WHAT ABOUT ESTATE TAXES
The property included in your will may be subject to taxation. In planning your will, take into account the following:
---Federal estate taxes will generally be due if the net taxable estate is worth more than $1,000,000. This amount is scheduled to gradually increase from $1,000,000 in 2002/2003 to $3,500,000 in 2009 so that it will eventually shield $3,500,000 in gift or estate transfers from tax per taxpayer. Estates in excess of the exempt amount can be taxed at a rate from 37% to 50% the top percentage is scheduled to gradually decrease to 45% in 2009. Also, note that these estate tax changes are scheduled to be repealed in 2010. If not extended, the tax law will revert to the estate and gift tax provisions in affect in 2001. Consult a tax or financial professional to determine a plan that is right for you and your family.
---State death or inheritance taxes
---Federal income taxes
---State income taxes
You may be able to minimize your estate tax by establishing a trust or giving gifts during your lifetime. You can also cover the cost of estate taxes by purchasing a life insurance policy intended to pay taxes. Talk to your life insurance agent to find out more about how this works.
WHERE SHOULD I KEEP MY WILL
Once your will is written, store it in a safe place that is accessible to others after your death. I suggest that you keep it in a fire proof box that you can purchase at any office supply store. I do not suggest that you keep your will in a safe deposit box because many states will seal your safe deposit box upon your death. Make sure a close friend or relative knows where to find your will.
WHAT IS A LIVING WILL
A living will is not a part of your will. It is a separate document that lets your family members know what type of care you do or dont want to receive should you become terminally ill or permanently unconscious. It becomes effective only when you cannot express your wishes yourself. Discuss your wishes as reflected in your living will with family members, and be sure all your doctors have a signed copy.
WHAT IS A POWER OF ATTORNEY FOR HEALTH CARE HEALTH CARE PROXY
A power of attorney for health care health care proxy is not a part of your will. It is a separate document that authorizes someone you name to act in accordance with your medical intentions. It becomes effective only when you cannot express your wishes yourself. You should make sure that all your doctors have a signed copy.
WHAT IS A FINANCIAL DURABLE POWER OF ATTORNEY
A financial durable power of attorney is not a part of your will. It is a separate document that authorizes someone you name to act in accordance with your financial intentions. It becomes effective only when you cannot express your wishes yourself. You should make sure that all your financial professionals stockbrokers, accountants, financial planners and banks have a signed copy.
PLAN AHEAD
The end of your life is something you probably dont want to dwell on, but thinking about what will happen to your loved ones and your assets and personal possessions is important. Making sure youve done all you can to make their lives easier will give you peace of mind. And once your will is drafted, you wont have to think about it again unless something significant in your life changes.
About The Author
Sheri R. Abrams is an Attorney in Fairfax, VA. Her practice is limited to the areas of Social Security Disability Law and the preparation of wills, living wills, health and financial powers of attorney. Ms. Abrams is a graduate of Boston Universitys School of Management and the George Washington University School of Law. Ms. Abrams is rated "AV" by Martindale-Hubbell. More information can be found at http://www.sheriabrams.com
sheri@sheriabrams.com
Twenty Questions to Ask Yourself When Choosing a Sleeping Bag – Recreation
Twenty Questions to Ask Yourself When Choosing a Sleeping Bag
Camp Spot
Before you head out to buy a new sleeping bag, make sure you know exactly what you are looking for. When you answer these questions, you