Gotmerchantcom Best Credit Card Payment Solution For You
Casey Dalton rates this 4.5/5
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Gotmerchant Review - Best Credit Card Payment Solution for You?

Did someone say dull?

Have you noticed how mind numbingly boring it is to research credit card payment companies? I think they bank on that… their strategy is to slip merchants into a coma so you won't notice all the hidden fees you're going to get slapped with. This is an industry wide phenomenon so I can't fault any particular company for it.

The truth is, entrepreneurs are usually turned on by ideas, products, connection with clients/customers and sales. If you wanted to be an accountant you would have taken that path. So, generally speaking, we relate to merchant account providers with mis-trust. The mis-trust comes, in part, because we feel helpless. we are not lawyers and I'm guessing you're not that interested in spending your valuable time reading merchant service providers' fine print. Without doing that, it's virtually impossible to distinguish one company's offer from another, so somewhere in the back of your mind, you're probably fairly certain you're going to miss something substantial that will come back to haunt you. 

Does this sound accurate?

If so, here are some general tips I would recommend during the process:

1. Make yourself a delicious, revitalizing espresso… or 3.

2. Don't get hooked on finding the "best rates." Rates are only part of the fees picture.

3. Beyond rates, here are some other fees to look out for: credit card equipment, start-up or termination fees, annual or monthly fees, contracts, monthly minimums, statement fees

4. Companies structure their offers differently. Some offer free stuff in exchange for a commitment from you. Some cost more up front but require less of a commitment (or none at all.) For the ones that offer free stuff, make sure you clarify the commitment and find out whether there's a grace period (see it in writing!)

5. The rates you are charged vary depending on the card itself which is subject to a 3-tiered system of categorization, "qualified," "mid-qualified," or "non-qualified." 

6. This means there is no way to anticipate your actual monthly rates. 

7. It also means you will want to ask for their rates for cards in all 3 categories, to get a complete picture of true rates and how the company compares.

8. Expect the unexpected. Do your due diligence, be as thorough as you can, make sure you go with a reputable company and accept the fact that you will likely have some unexpected fees. 

9. Avoid leasing. It will tie you up in contracts and is not economical.

10. Don't let the process eat you up! Stay focused on what matters to you, your business and don't get caught in minutiae.

So what's the deal with GotMerchant?

Gotmerchant is a great company with a lot going for it. They've been in business since 1998 and they have an A+ with the BBB. Credibility? Check!

Unlike some companies, they have customer service 24/7 and boast "Service with a  personal touch."

This is a company that displays their rates clearly and thoroughly and they do their best to be as transparent as possible. Taking their wireless CC Terminal account fees as an example, their current rate to purchase the Nurit 8020 is $535 as compared to Merchant Warehouse at $605. also offers free point of sale equipment but that will lock you into a 5 year contract (this is written in small print at the bottom of the page.) In general remember, free translates to commitment. 

Here's my basic recommend with this company: has an excellent reputation and competitive rates. If you decide to check them out I would ask two key points:

1. Termination fee: They don't list this fee on their site so it may not exist. Find out and get it in writing to be sure.

2. Grace period: See if they have a window to try the equipment and company out before a termination fee kicks in. 

If you'd like to check out a good alternative I would recommend Merchant Warehouse. The cost of their wireless terminal was steeper in this case but they would probably work with you if you told them you could get it cheaper elsewhere.

Additionally, if you do online business, merchant warehouse offers payment gateway for free whereas charges a $10 monthly service fee for it.  

Merchant Warehouse also offers no contracts or commitments and no termination fees.

Now what?

Both these companies are excellent and I would highly recommend either. Specifically I would say find out their terms and pit them against one another to get the best deal for yourself. Based on the type of business you're doing, evaluate your needs, see what points they are open to negotiating on and you'll know which makes the most sense for you.

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Date Reviewed: January 27, 2012, 6:38 pm
Reviewed by Casey Dalton
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