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What to Look For in a Merchant Account Provider

by admin on Oct, 03 2012

It’s important that everyone from industry experts to credit card novices familiarize themselves with payment solutions processes to avoid racking up debt and earning a poor credit score. This industry is unfortunately teeming with hidden fees and serious liabilities if consumers fail to do their research.

Read on for a list of Do’s and Don’ts for companies that are looking to implement a credit card processing account into the business model.

The Do’s

Do your research. Look up various merchant account providers to gain a basic understanding of your options.

Spend time comparing different types of credit card payment solutions and find what works best for your type of business. Take into account what works best for retail, mobile, ecommerce, or B2B.

Listen to other vendors and business owners and see what worked best for them.

Start your business off with the support of larger credit card companies like VISA and Mastercard. These well-known brands add credibility to your services and improve customer satisfaction.

Set up the type of merchant account that best aligns with your business model and begin accepting credit card for payment as soon as you feel ready.

Make sure you partner with an account provider that has dependable customer service and answers your questions without hesitation.

Open a seasonal account if you plan to be in business for just a few months.

Set up your PIN pad and PIN debit if you are a retail business owner.

Set up a wireless terminal to boost sales if you’re in the mobile business.

The Don’ts

It’s important not to settle for a merchant account provider before seeing the range of available options. If you don’t price shop, you may end up with an insecure system or high transaction fees. This will negatively impact profits.

Make sure you don’t allow yourself to be pressured into acting quickly by merchant account providers or financial professionals. Take your time with selecting a payment solutions provider.

Never choose credit card processors with hidden fees. Make sure merchant account providers are up front with you about potential costs. Only sign a lease when you feel 100% comfortable that you have all the information.

Avoid investing in contact-free payments or smart cards unless the majority of your customers require these to complete transactions. Most consumers will be perfectly content paying with a regular credit card, and in fact, most are more trusting of traditional methods of payment than newer, flashier systems.

While the above list may feel hard to follow, it’s absolutely necessary for a business to get the most from a merchant account provider. Customers today demand credit payment systems and often avoid doing business with companies that can’t offer the convenience of credit card transactions. Look for a first-rate bank or merchant account provider who can offer the best services and lowest fees to lead your business toward success.

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