Published October 07th, 2016 by

#1 Biggest Lie In The Industry

If you’re selling anything online you’re doing it one of two ways. Through an aggregator like Paypal or Stripe, or a traditional merchant account.

You’ve probably been told by most everyone you’ve talked to that there’s one factor above all others worth considering when it comes to getting a merchant account.


If you’ve done any shopping around you probably already know that most everyone is trying to convince you that their rates are better than everyone else’s. How they’re the best fit for your business because they take a lower percentage than all other competitors.

This is a flat out lie.

The truth is – all banks have the same cost. It’s called “interchange”. Visa, Mastercard (etc) and the banks that issue credit cards (Capital One, Chase, etc) set those rates every April & October. All Merchant Account Providers have to adhere to those rates.  

So everyone has the same cost. Period.

But here’s the hook – the rates don’t even matter if you can’t accept credit cards… and losing the ability to accept credit cards happens to entrepreneurs all the time.  

Rates are far less important than getting the RIGHT merchant accounts set up with the RIGHT banks.


Because the biggest issue entrepreneurs face when processing payments online is the fact that they’re always in danger of having their merchant account frozen or closed.

When it comes down to it the most critical factor to consider is the relationship you’re about to enter into. If you enter into the WRONG type of relationship with a provider or processor who doesn’t really care about your needs you’re sure to run into issues. For instance, you’ll be left high and dry if the underwriter at the bank doesn’t understand how your business model works and freezes your account.

The reality is the underwriters are simply going box by box down an approval checklist to try to cram you into their universal mold. So what happens if you don’t fit into their mold?

Unfortunately many entrepreneurs face this very issue much to their confusion and dismay. How do you navigate a landmine ridden merchant account landscape? How do you interact with underwriters and show them why your business model works?

What if you don’t submit the right documents and account approval process drags on for weeks? What if you unintentionally submit information that is a red flag on the underwriter’s approval checklist?

How will your business survive if you run into merchant account issues? How do you find the time to deal with underwriters and the headache that is the approval process while trying to run your business?

The blunt truth is that you can’t. At least, not easily or effectively. There’s a whole industry chock full of rules and regulations that you simply don’t have time to learn or understand.

Rules and regulations that have been surrounded in a shroud of sales techniques headlined by “the lowest rates” to capture your attention. The salespeople pitching you “the best rates” couldn’t care less about your success, they only care about their signing bonus for acquiring you.

So what do you do? How do you find your way? How do you get the RIGHT merchant account set up with the RIGHT bank?

That’s where a broker like Easy Pay Direct comes into play.

Easy Pay Direct is your single point of contact, your guide when it comes to dealing with underwriters, banks, and the approval process.

Once we get you set up with the RIGHT merchant account for your business model we continue to serve as your ambassador. We work every single day to help you increase your monthly volume capacity, to reduce reserves if you have them, and to facilitate any product launches.

This article is just the tip of the truth about merchant accounts, there’s so much information out there it can be overwhelming.

Which is why here at Easy Pay Direct we’ve put together a video to give you a base understanding of the the process and challenges involved in processing payments online.

Watch The Truth About Merchant Accounts for yourself. If you have any questions or need help feel free to email [email protected] or call 800.805.4949.

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