One of the biggest obstacles that businesses face is receiving and processing customer payments. To do so, a business needs to contract with a number of merchant services company to accept various payment options such as credit and debit cards, and even virtual payment options. These types of payment solutions are booming, and it is estimated that virtual payments will account for over half a trillion dollars of business by 2024. As such, it is important to make sure that you find a good merchant account provider that can help you out with all of this. With that in mind, here’s what you need to look for when selecting a merchant account provider.
When trying to determine what the best merchant account provider is, you need to do proper research. To do so, you should start by looking at the Business Bureau (BBB) report of businesses that specialize in merchant account services in your particular industry. If there are any complaints against the business, you should investigate these thoroughly. After all, you don’t want to get stuck with a company that does not treat its customer’s right.
After you look at their BBB profile and determine that there are no legitimate complaints against the merchant account provider in question, you should look into their technical support options. It’s likely that you’ll run into some issues with payment, so you’ll want to make sure that the support options you can get with the merchant account provider are top rate. As such, you should look to see if they have a toll-free customer support number, and that the hours that this is in operation make sense with the business that you are running.
Next, you’ll want to look at the rates that the merchant account provider charges. You should be especially cautious of providers that advertise rates that are much lower than the market rate in your industry. If this is the case, there are likely some sort of hidden fees, or the rates may shoot up over time. A good merchant account provider will be transparent about this. If you can’t get a clear answer from the provider after a quick phone call, then you should look elsewhere.
Finally, you need to ask specific questions to the merchant account provider, both about if they have experience handling businesses in your industry, and if they charge for specific monthly volumes. Depending on your industry, a monthly cap on how many transactions you can make without getting charged extra fees will make things very difficult – and if that is the case, that particular merchant account provider may not be a good fit.
There is, of course, more to look for when looking for the best merchant account provider for your business, but this is just a broad overview of what you can expect. You’ll need to check out the specifics of how they process payments, from how quickly the deposits will go into your accounts, to how complicated the specific software is that you and your staff will need to learn. That being said, a good merchant account provider will make sure that you feel secure working with them, and above all else, they will work with you to determine how to best utilize their services for your business.