Too many businesses don’t know enough about how merchant accounts operate, meaning they don’t know how to optimise their use of merchant services, or if they do not have this in place, they won’t know exactly what to look for. By understanding merchant accounts for your business, you can save a lot of money.
Merchant services and account fees can have a big impact on your business’ budget if you haven’t researched your provider. Unfortunately, too many people don’t know which attributes to pay attention to or search for in prospective merchant services providers. If you don’t know the criteria, how can you make this sort of decision?
Reputability of the Merchant Service Provider
You need to be able to trust the merchant service representative you use, which is why you need to choose someone reputable. When looking for a merchant services rep, you want them to be reliable, experienced and able to explain things to you in an accessible way. Unfortunately, some less than reputable representatives may try to take advantage of your business, so it is best to be careful when making this decision.
In addition to avoiding potential manipulation by unscrupulous providers, you also need to consider that financial processing is a huge part of most business’ sales. Taking card payments smoothly and quickly is important for your business’ earnings. You don’t want this disrupted by delays or errors due to a failing merchant services provider.
Available Support and Customer Service
Merchant services providers should be able to offer good customer service and support to their clients at no extra cost. If a representative cannot deliver on this, it is a huge red flag. There should be tech support readily available for whenever you need it. You shouldn’t have to jump through endless hoops or wait around for long periods in order to contact the provider. This is valuable time that you could spend investing into other areas of your business, after all.
Transparency About Fees and Contract Terms
When setting up a merchant account with a provider, there can be significant additional fees. You should make sure you are aware of any extra fees that have not already been disclosed, and the provider should be honest when questioned about them. Transparency is important, and if you are struggling to get any answers or details from your provider when you are negotiating, you should probably look elsewhere.
Additional fees for your merchant account could include, but are not limited to:
- Annual fees
- Service fees
- Batch fees
- Minimum penalties
- Fees for equipment
Decision Making Factors When Choosing a Merchant Services Provider
All of the above mentioned factors should be taken into consideration, as well as individual factors depending on the size of your business, your budget, and so on. Just remember that a lot of your business’ revenue is resting on successful financial transactions, so it is no decision to be taken lightly.
4Quotes4Me take the hard work out of vetting providers for you, and our merchant services quote provider matches you with some of the best merchant services reps in the business.