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Should You Open A Merchant Account With Your Bank?

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Emily Hale

Emily Hale

Emily is a Content Strategist based in Indianapolis. She enjoys discovering new topics and planning content that empowers small business owners to make better choices for their businesses. When she's not in the thick of doing research for Merchant Maverick, she likes painting, meandering through nature and spotting wildlife, or relaxing with her rescue pup, Jetta.

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11 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    Judd Skinner

    Are you going to sponsor these small business owner’s children’s baseball teams? Are you going to put on a community fundraiser for their sick wife? Were you there to assist them with PPP loans during COVID? Do you sit next to them at Church on Sunday? Do you extend their loans and work with them during hardships, because you’ve known them your entire life and don’t want to see them fail? Online processors sure are convenient to use, but there is nothing more important than a strong community bank and true relationship bankers. Good luck finding that with a 1-800 number.

      STEPHEN

      We are looking for a online banking account provider . We want to have our own online banking system

        This comment refers to an earlier version of this post and may be outdated.

        Emily Hale

        Hi Stephen!

        Thanks for reading and reaching out with your question. We suggest checking out what Dwolla has to offer and see if this fits with your needs. Best of luck!

          This comment refers to an earlier version of this post and may be outdated.

          Chris

          I have a good relationship with my local banker (small town bank, three branches). But every time I pop into his office, he asks me to let him give me a bid on providing credit card services (which I currently do through a dedicated provider online that specializes in my industry). I’ve waved him off so far, but should I hear him out? Is it even worth considering going through a local bank?

            This comment refers to an earlier version of this post and may be outdated.

            Emily Hale

            Hi Chris,

            Thanks for your comment. If you have a processor that specializes in your industry and you are happy with it, I recommend staying put. If you’re not, check out another merchant account provider that has transparent fees and the features you need. You can take a look at our favorite processors on our comparison page. As I go through in the post, there are a lot of reasons to avoid going with your bank or credit union. Hope this helps!

              This comment refers to an earlier version of this post and may be outdated.

              Chris

              Ah, thanks. When you talked about banks in your article, I thought you were referring to the big boys like Bank of America, Chase, Citi, etc. Might want to make that a little clearer. 🙂

                This comment refers to an earlier version of this post and may be outdated.

                Emily Hale

                Hi, Chris!

                In the post, we definitely put those big names under the spotlight, but the general reasons you’d want to be careful going through a bank or credit union still apply. I’m not saying you wouldn’t be happy with your credit union, or that they couldn’t offer you better rates, but keep in mind that a merchant account provider can usually provide you with more specialized services and you’ll usually find fewer of those surprise fees we talk about in the post. Thanks for reading!

                  This comment refers to an earlier version of this post and may be outdated.

                  Judd Skinner

                  You should always go through your local bank. They’re the ones who will be there for you when you need them. They are involved in your local civic clubs, they put on the fundraisers for your community, they sponsor the little league teams. These online services and big banks will do none of that for you. He’s the guy who actually cares about his community and not just making a sale.

                    Robert

                    We are looking for a credit card processing whereby we could key in our customer’s cards manually..

                      This comment refers to an earlier version of this post and may be outdated.

                      Emily Hale

                      Hi Robert, most all processors come equipped with a virtual terminal, which is the manual way to enter in credit card information on a computer or mobile device. Take a look at these processors, for some great options to consider. Best of luck!

                        This comment refers to an earlier version of this post and may be outdated.

                        John Goldberg

                        Nicely written and informative article!

                          This comment refers to an earlier version of this post and may be outdated.

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                        Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

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