Choosing the right merchant service provider can make a big difference in your business. There are hundreds of companies that advertise everything from very low rates to the “best” customer service. How do you know which is better for you? Here are some important points to keep in mind.
Prices and / or prices
Pricing is a list of things that need to be considered when working with a new commercial service provider for obvious reasons. It can be very difficult to assess whether you will get a competitive price, as merchant prices can fluctuate dramatically depending on the type of business, the current card is not available, e-commerce compared to retail, and so on. The only way to ensure good pricing is to ask multiple providers and then choose the provider that offers the best prices.
Another important issue is customer service and support. If you have problems using a credit card and a customer is standing in front of you, can you call someone in time for help? What to do if you have problems late at night? Does the support provider provide around the clock? Is the support external or at home? In many cases, customer service is the first reason why a customer chooses a more expensive provider than competitors. If customer service is very important to you, then make sure you get all the information.
Some providers deposit your money within 24 hours, others within 48 hours, and American Express within three days. If you need financing the next day, make sure you know if the service provider provides it before signing the contract. If you need money paid into one account and fees charged from another account, it’s also important to make sure you know if your provider can do it. Some others can’t. Make sure you know everything when and where it expects your money.
Does the Merchant Services ISO Program service provider provide free tools? If so, first edition, be sure to ask for a price! Many device suppliers will offer free equipment, but you will have to pay a higher price to pay for it. If they don’t offer free equipment, keep in mind that the average cost of a terminal credit card is between $ 200 and $ 250. Another problem with devices is compatibility. Does your service provider provide services that allow you to accept credit cards on your smartphone? Is the PCI (payment card industry) compatible? Is the equipment guaranteed? Again, the more information you get, the more willing you will be to make the right decision.
The industry standard is usually a one-year contract. Make sure you know exactly how long you are concluding the contract and what the costs are for terminating the contract. Initial cancellation fees can range from $ 0 to near-stunning numbers. Read the contract carefully! Again, some providers will not offer fixed-term contracts without a cancellation fee. Keep in mind that they can raise your rates to compensate for all the work that is done in signing up and take the risk that your business processes the cards.
Supports POS system
If you use a point of sale system, it is very important to know if your commercial service provider supports it. Some POS systems only support special processors, and some require a large fee to convert your registered processor (especially if the POS system is provided by the processor itself). Make sure you know exactly how much a software change will cost and who will pay for it. You may be able to agree on a fee with your service provider, depending on who wants to do your job!
Make sure everyone you decide to do business with is a reputable company. The most important thing is to ensure that there are no complaints about the company on the Internet. You will find that if a customer has a bad experience, they will post it in many places, so if you have a complaint about a company, you should be able to address it easily. Note that the size of the company is not as important as the service it provides and the cost of the service. Sometimes a smaller company is a better option for doing business with them because they are more motivated to own your business and will offer better prices due to lower overhead costs.