How To Get The Most From Your Merchant Services Provider
The world of merchant services can be very confusing. With so many different players providing a myriad of solutions, landing the provider that is perfect for your business can be quite the challenge.
If you are lucky enough to partner with the right company, it is crucial that you take full advantage. The best merchant services providers handle more than merchant accounts. A company that can “do it all” can help your business presently and as it grows over time. Read on to find out how you can get the most out of your merchant services provider
- Value for money
Merchant accounts do not come cheap. In addition to the processing rates paid per transaction, your provider will also charge you monthly and annual fees to maintain your account. If you run a small business, these fees can quickly eat up your profits.
Traditionally, providers have relied on tacking numerous nickel-and-dime fees on merchant bills to compensate for the low processing rates they offer, just to entice businesses to sign up with them. Thankfully, newer, more tech-focused providers are disrupting this old business model by providing fully disclosed fees.
When evaluating your provider, start by looking at the fee structure. Charges are reasonable if they are directly related to the services you are getting in exchange.
- Flexibility
The merchant service industry has a horrible reputation when it comes to contracts. Some providers lock their clients up into long-term contracts that are enforced by an early termination fee. Some of these processors also include a liquidated damages clause in the contract.
The right provider will allow you to get an account on a variety of terms, depending on your preferences. If you are in a long-term contract with a new provider, see if they can offer you a shorter contract length. You may then enter into a longer contract once you are confident in their services.
- Customer service
Small businesses tend to feel less entitled to quality service than larger companies. Do not just settle for a provider that offers the payment solution you need affordably. The right company must give you a great experience whenever you reach out with questions.
If you have been suffering in silence, now is the time to speak. Ask for always-on communication, be it via phone call, email or online chat. Companies like Retail Merchant Services can even assign you a dedicated account representative for more reliable, personalized support.
- Security
Credit card payment processing is a sensitive aspect of doing business. When a customer pays with their card, they trust that you will keep their information secure. It is, therefore, crucial to have your payment services provider on your corner.
Today, merchant service companies have numerous measures with which they help their clients to combat criminal activity like fraud and identity theft. They typically come at an extra cost, but they are worth it if you want reliable continuous protection for your account and customer data.
One Less Problem to Worry About
Merchant services companies offer a wealth of services for businesses large and small. If you do some probing, you will be surprised by how much more satisfaction you can gain from your current provider.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of retail merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.