The decision to accept credit card payment to enhance a business is not one to be taken lightly. Indeed, credit card merchant processing can be a great way to increase your customer sales and strengthen your company’s reputation. However, you must begin with finding the best merchant accounts partner.
What essential qualities of a merchant processing service provider do you need?
In this article, we present practical tips for you:
System Compatibility. It’s important to ensure that your credit card processing company will process the types of credit card that you want to accept.
Take note that some processors only handle selected type of credit cards from specific issuers. If you want to accept a variety of credit cards from different issuers, you may need to apply for than one merchant account.
Payment Sending. How long will it take before payments are deposited to your account? Ideally, it should not take more than 2 business days for you to receive your payments. Nonetheless, some providers may be slow when it comes to sending payments. This can have a significant effect in how you manage your business cash flow.
Processing Fees. How about the fees? How much will it cost you to accept credit card payments? The exact cost may differ from one processing company to another. Of course, you should look for a partner that charges minimal and reasonable fees. Carefully read the fine print and get to know the exact costs you’ll be paying for.
Some companies who provide poor quality of service may charge a termination fee or cancellation fee if you decide to terminate your contract. If you discover later on that you’re not happy the processor’s service, can you easily back out without paying a ridiculous sum of penalty?
A credit card merchant processing company that is confident with the kind of service it provides should have no problem waiving the cancellation fee. Upon signing up, be sure to request for this and see to that the fee is slashed out from your contract.
Customer Support. Can you count on reliable support from your merchant account provider? What if you have issues with your customer payments?
Can you call the customer service number at any time and get good assistance from the company’s representatives? Or will you be left on your own as soon as you’re done signing up the contract?
Reputation and Expertise. It is best to partner with a credit card merchant processing company that has a significant length of track record history. You should also choose a merchant account provider who specializes in processing credit card payments.
Take note that many banks and lending companies do offer merchant account programs but not all are experts in credit card processing. Partnering with an expert will give you an advantage particularly when it comes to the speed, security and reliability of the processing service.
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About the Author:
Melanie James has spent the last 14 years working with businesses to implement quick, effective and inexpensive changes to their businesses to increase productivity and their bottom line.