When it comes to merchant services, being with the same provider for an extended period of time doesn't always mean that you are getting the best service. In fact, it doesn't necessarily mean that you are getting even satisfactory service. Accepting credit cards is a service that your business requires, and the fact of the matter is, whether or not you realize the importance of it, you should realize what you are paying, and the services that you are receiving should always be top quality.
Whether it is an online solution, a virtual terminal, a wireless or countertop terminal, your merchant services provider should be on top of your business needs, and giving you the best possible service and support, with secure technology and equipment for your everyday processing requirements. What happens if you are tied into a contract, or your current merchant services provider is promising to reduce your rates etc? There are ways around this, and based on the code of conduct, you are able to leave your current merchant services provider within 90 days of a rate increase without penalty. All merchant services providers are required to provide written and/or an email notice of any rate changes regardless of how much or how little.
Take into consideration the following 3 reasons why it may be time to leave your merchant services provider, and look into a new program for your business needs.
1. Lack of Support
Support should always be one of the biggest facets of any merchant services provider that you are looking into. Customer support from a merchant services provider should mean that without fail, you are able to contact a representative, help desk, or a sales representative to discuss an issue that you may be having, technologically or otherwise. Support is not tied to rates. Many merchant services providers try and sell merchants on the idea that rates and support are one in the same, but that is not the case at all. With low rates, typically means that some part of the merchant services program will be neglected to accommodate the decreased fees. There is nothing more frustrating than having to keep a customer waiting because the terminal is not working, or when it comes time to reconcile your transactions, there is a problem with deposits. Regardless of how much you are paying, or how little you are paying for your merchant services, there is no price of quality support for your business.
2. Old Solutions
A merchant services provider should be keeping up to date with new technologies, especially when it comes to online solutions. Your market is changing, and credit and debit cards are becoming the norm, as opposed to paying with cash or cheque. Your business needs to adjust accordingly, and that means providing new and up to date technologies for your customers and clients. Without providing new, convenient and secure payment options to your customers, you are risking having them do business with another company that provides a more convenient way to make a purchase or payment that fits their daily schedule. Also, getting the right information provided by your merchant services provider will aid you in understanding any changes in the payment industry. A merchant services provider should be able to keep you updated on their products, innovations etc., as well as industry news.
3. No Online Presence
Having an online presence is just as important for a merchant services provider, than it is for any business. A merchant services provider should have an abundance of information that you, as a merchant, can download or read in order to get some knowledge regarding a number of different parts of the payment industry. Also, having social media platforms where you can see what other merchants or customer are saying about the provider in question will help you gain a bit more of an understanding of how the merchant services provider deals with their merchants, how they engage their merchants, and new and innovation ideas and information they provide.
Take these 3 reasons into consideration when looking at your current program with your merchant services provider. These three reasons will help you put into consideration whether or not it may be time for you to look into another provider to suit your business needs.