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Should You Open A Merchant Account With Your Bank?

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Emily Hale

Emily Hale

Emily is a writer, strategist, and freelance consultant based in Indianapolis. She is driven to create content that empowers her readers and her clients to make better choices in their business and their lives. When she's not in the thick of researching and developing blogs for Merchant Maverick, she likes to cook from scratch for her family or escape outdoors and meander through nature with her rescue pup.
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9 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.

    STEPHEN

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

      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!

        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?

          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!

            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. 🙂

              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!

                We've done in-depth research on each and confidently recommend them.

                Robert

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

                  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!

                    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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