Merchant aggregator is an entity that can run many transactions through a single merchant account, an opposite to the traditional account since you’re the sole owner.
Preferred for a smaller business because its not intended as a long term scalable solution to accepting payments.
For businesses that want to expand their processing needs, traditional merchant account will outgrow an aggregator, since the goal is for a business to grow, but it will always come to what’s best for individual business.
While you have the pros of quick application process and instant approval there are a lot of cons to check before getting an aggregator account.
CONS of an aggregator account:
CUSTOMER SERVICE – aggregators are hard to get hold of.
FEES – fixed fees .
FREQUENT HOLDS and DELAY OF FUNDS – aggregators hold funds 24-48 hours before depositing, while longer holds occur 30 days.
LOWER LIMITS – processing limits lower, annual limit of $100k.
PROS of a Traditional Account:
CUSTOMER SERVICE – 24/7 technical support.
FUNDS – next day funding, no frequent account holds.
FEES – tailored to your business needs.
LIMITS – varies by financial strength and business
For more information in setting up an account with NTC give us a call at 888-996-2273 or go to www.nationaltransaction.com