In Client Reviews, Credit Card Processing, Interchange Plus, Merchant Service

Owning your own business can be demanding, yet rewarding. As a business owner, you need to manage all business operations and make decisions that will benefit and grow your company. This can include anything from the employees you hire to the cleaning service you use. Some business decisions can be easier, requiring a simple yes or no response, while other decisions require time and research before a decision can be made. One decision that can be difficult to make and requires time and research is which merchant service provider your business uses.

As a business, you accept payment for services rendered or products purchased. This payment is used to invest in your business and to pay any employees, making it a vital part of your company. A merchant service provider processes your payment transactions and deposits it into your designated business account. Finding the right merchant service provider, one that has your best interests at heart, can be difficult. Read on to discover the steps you should take to find the right merchant service provider for your business

How to choose your Merchant Service Provider

Steps To Finding The Right Merchant Service Provider

Understand Who Actually Processes Your Transactions

Typically, all banks and sales offices use one of the 5 biggest processors to actually move your money. They just resell the services to you and often sell your account after you sign up, so that all the promises that the sales rep offered you immediately disappear once your account is sold.

Obtain References and Reviews

Before choosing a service provider, learn everything you can about the company. Read reviews and testimonials. Check them out on the provider’s site as well as bbb.org and ripoffreport.com. Most companies can’t hide from had online reviews.

Compare Features

Compare the features and benefits of the different service providers on your shortlist. You should choose an account that supports your business the way you do business with credit card machines. Your processor should offer online gateways, mobile payments, online payment processing and reporting, free customer service and technical support, and should accept all major credit cards.

Calculate Costs

When evaluating the cost of the service, ask questions to uncover hidden fees and extra charges. Avoid Start-up fees, long-term contracts and unfair costs for equipment. Ensure the processor provides you with simple, detailed statements so you know what you’re paying for. Ask about installation, programing, and annual fees. Get an interchange pass through rate from your processor, you’ll save more and understand the true costs to process payments. Don’t fall for a fixed rate plan, they always cost more and benefit the processor not your business. Does the processor offer a rate lock, or will they increase your rates in 6 months?

Customer Service

If the provider does not offer 24-hour support, find out the service hours to determine if they will meet your needs. Call the customer service number and see how long you have to wait on hold to talk to a support rep. The sales reps usually pick up fast, but when you need support, see how long you have to sit to get help when you need it. Will the sales rep provide his cell phone number and answer your calls after you sign up? Make sure that the processor views their client as partners, not just dollar signs.

 

Source:
http://www.leappayments.com/about-us/
http://www.businessbee.com/resources/profitability/finance/5-tips-to-find-the-right-merchant-service-provider/

How to choose your merchant service

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