Payment options at any merchant is essential and it can be the difference in making a sale or losing it. However, choosing the right merchant service provider is vital in running a company. The supplier must meet consumer expectations for payments to ensure successful daily operations. Have a look at these five considerations when selecting a merchant payment service provider for your company.
Merchant Support
It is essential to obtain the assistance you need when you compare credit card merchant suppliers.
- Make sure you have a good understanding of the level of support you can expect with payment-related problems, how much are the costs involved and when you have access to support.
- Do they offer various support options, for instance, live chat, email, phone assistance, on a 24/7 basis?
- Do they offer resources like training and fact sheets relating to payment topics that include software, hardware and bulk processing?
- Can they offer support services with regards to processing software, hardware and integrated POS systems, virtual terminals, mPOS systems, transaction history tools, card readers, etc.
- In order to expand you will have to deal with an experienced and reputable supplier of merchant services that can give you guidance about up to date payment processes and upgrade to give you a competitive edge when it comes to your daily operations.
Reliability
This is probably the most critical consideration to maintain smooth business operation. More and more customers prefer credit card payments and if the network goes down, you can lose a substantial amount in revenue, therefore your merchant service provider must be super reliable and have a great track record.
Security
It is critical for businesses to secure sensitive information when accepting credit cards. A credit card data breach can have long-term and devastating effects. An experienced merchant service provider should be able to help you safeguard the business to prevent such a breach from happening. Find out if they can assist you with the payment compliance process and if they employ secure and proven payment technologies like tokenization and encryption. Also, do they offer monetary compensation in case of a security breach.
Experience
It always proofs to be valuable to get third party references to get an idea of the service provider’s level of service and experience. You can always get a referral from your point of sale system supplier or the better business bureau. Be sure to find one that has experience in your industry and have worked with businesses that are similar to yours before.
Straightforward Contracts
No matter which credit card merchant service supplier you select, you must enter into a written agreement with the relevant party. Before signing everything, have a close look at all the information detailed in the contract and make sure you understand it. Look at things such as support services, the length of your contract, additional fees, early termination fees, and so forth. Make sure you know what is included in your monthly fees and what is excluded.