You may have heard about the distinct advantages of offering credit-processing services to your clients, but do you know how to obtain a free merchant account? Many lenders request applicants to pay an online credit application fee that can run more than $100. Others waive this fee, but they then impose other types of costs, like an annual membership fee. Yet there are some lenders out there who offer a merchant account at no direct cost to business owners. While there will be expenses associated with processing transactions and performing service maintenance on credit processing equipment, some lenders will limit their merchant North American Bancard Agent Program account costs to fees like these and provide the card account at basically no extra cost to the business owner.

To find out more about how to take advantage of this type of offer for a free merchant account, ask your business banker for details. If the bank cannot provide information, check with other business operators in your area to find out if they have merchant accounts and where they got them. Some may have a free account, so you will have to ask for details if they are willing to supply them. Otherwise, you can always use a search engine to browse the Internet for companies that provide a merchant account at no cost. Be wary about offers that seem too good to be true, as they probably aren't true. Read the fine print in contracts, and ask about every type of fee you can think of. Some applicants have complained that "hidden fees" surfaced after their account was approved, forcing them to pay fees they did not anticipate. Leave nothing to chance.