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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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    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!


        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 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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                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.