One of the most crucial parts of a business is the merchant service providers. These providers bridge the gap between the business and the customers. Using the wrong merchant provider could potentially lead you to lose valuable clients. In this article, we share with you some useful tips on how to find the most suitable merchant provider for your kind of business.
1. Do A Needs Assessment
Before choosing the most suitable merchant service provider, you have to first assess what your business need. To do that, start by making a list of the services you think you need. This may include recurring billing and credit card storage. According to experts, the most suitable merchant provider offers bundled services that cater to all your needs. Otherwise, you will have to use various service providers that can cause multiple problems for you and your customers. Additionally, check the service provider’s capability on how quickly it can deposit your money. It is important to note that deposit times usually vary from one provider to another.
2. Assess Outsourcing and Exclusivity
Evaluate if your prospect merchant service provider outsources the credit card transactions to a third party of handles it in-house. Usually, the bank outsources these kinds of transactions. One of the problems with service providers outsourcing credit card transactions is that when there is an issue, you will have to contact the third party managing the credit card transactions. Aside from outsourcing, another important question you should ask with your merchant service provider is if it can provide exclusive POS or point of sale software of your choice.
3. Compute the Cost of a Merchant Service Provider
Look for extra charges or hidden charges when evaluating and computing for the cost of a particular merchant provider. Ask the company if they charge extra for installation, annual fees, programming fees, and others. Does the company require you to sign a contract agreement? Can you cancel if you later find out that they cap the number of credit card transactions in a month’s business cycle?
If in case they have a cap for a particular number credit card transactions do you find it reasonable or worthy of the cost? Additionally, inquire if they charge different fees for international credit cards or business credit cards. The most suitable merchant service provider will provide a certain trial period and money back guarantee. In addition, always read the contract that the merchant service provider wants you to sign. It could be a sign that the service provider is having a hard time maintaining and finding clients.
4. Check for The Availability of Tech and Customer Service Support
Check If the company offers a 25/7 tech and customer support. If it does not, check if their available service hours match your needs. Also, you need to ask the compatibility between your IT department’s service and the service the merchant service provider offers. It will also help to know if the service provider has its own IT department that you can talk to in case the tech and customer service support is not available.
5. Ask for References and Read Reviews Online
Before finally deciding on a merchant service provider, it is best that you first learn more about the company. Check online for reviews from the company’s actual clients. There are also articles or blogs in the web about top 10 merchant service provider, check if your prospect merchant service provider is on that list. Additionally, check with the Better Business Bureau for potential issues or complaints against the company. You can also get honest feedback from businesses in your area that is using the same merchant service provider. They can recommend what they think is best for them.
Selecting the most suitable merchant service provider involves several considerable factors. You can use our five helpful tips as a guide to help you find the one that you think will best meet your needs.