Grow Your Business with the Right Merchant Account Provider
You’re looking to grow your business and integrate payment processing. With hundreds of potential merchant account service providers, how do you know you’re selecting the right one for your business? All are not created equal, and low fees may be the only attractive feature that some providers offer. Making sure you get the right tools for your business should be the top priority to accelerate growth and manage payment risk. Here are five questions to ask when selecting a merchant account provider.
Processing rates are a main concern when choosing the right merchant account provider for your business. When comparing rates, understand the value of what you are receiving. Some merchant account service providers offer low rates to join, but may require a minimum processing amount per month. If you’re a small business, that may not fit your needs. Outside of processing rates, understand how your merchant account provider determines reserve rates. High reserve rates and strict processing limits may handicap your business growth, something you may not experience until a few months down the road. Another factor is access to payment risk expertise. Payment fraud and chargebacks can be more costly than paying higher rates. When evaluating rates, understand if you have access to the necessary services for your business before choosing your merchant account provider.
Whether you decide to go with a larger provider or a smaller one, it’s important that you do your homework. What do their customers say? If you can’t find information on a merchant account service provider, or it’s very limited, they aren’t the right choice. When looking for the right provider, you want to make sure that the company’s reputation is solid and that they have been in business for a good amount of time.
Customer support and customer service may seem like a necessity in any business, and while many providers offer support, it may not be 24/7, and it may not be live. When considering a potential provider, you want to know your concerns and any possible issues can be dealt with immediately. Some companies will offer 24/7 email support, but when dealing with fraud risks or chargebacks, immediate assistance is important.
Each merchant will have different needs for their business. Certain merchant account providers require you to have a minimum monthly sales amount, only offer services online or offline, or utilize a payment system that may not be compatible with your current system. It’s important to get all the information up front and make sure that they can not only work with your current payment system, but that they offer the right services for domestic and international ecommerce, and can keep your business secure.
There are always potential risks associated with merchant accounts. Service providers should offer protection. PCI compliance isn’t federally mandated for merchant account providers, so if the company you’re researching doesn’t offer this, they’re not the company to go with. Some providers are both PCI-compliant and FEC-compliant, which offer your account more protection. When looking at the different companies, some offer integrated services to help manage and fix any issues that may arise, while others only offer limited customer service options.
HAVE ALL YOUR MERCHANT ACCOUNT NEEDS MET WITH TOTAL-APPS