As a business owner, the importance of getting the right merchant payment services package is an essential component of the smooth operations of your business. With so many options and a variety of factors to consider, making an informed decision will only benefit you.
Tip # 1: Be Informed and Make Inquiries
When checking out the wide range of merchant payment services available to your business, it’s helpful to do some research beforehand in order to get an idea of the options out there and to narrow down what you’re looking for.
Important elements to consider range from the type of equipment you’d be getting to how the company handles replacement terminals, and how its help desk works. Inquiring about the benefits of everything from a wireless terminal to e-commerce solutions (if they’re relevant to your business) is also important.
By doing your research and exploring possibilities with company representatives, you’ll be well-positioned to make an informed decision based on your business’ particular needs.
Tip # 2: Compare Your Pricing Options
There are three standard pricing models in credit card processing: flat rate, tiered pricing, and interchange plus (also known as cost-plus pricing). It’s a good idea to get the full details of a provider’s monthly pricing breakdown to determine what’s most feasible for your business.
Also, ensure that mid-qualified and non-qualified card types aren’t left out of the equation.
Tip # 3: Think Security; EMV and PCI Compliant
Security is of the utmost importance, so the merchant payment services you choose must be EMV and PCI compliant.
In a nutshell, EMV stands for “EuroPay,” “Mastercard,” and “Visa.” Its purpose is to ensure security and the global interoperability of chip-based payment cards.
PCI stands for “Payment Card Industry.” Its purpose is to protect cardholder data that is processed, stored, or transmitted by merchants. While all prospective merchant payment services should be providing your business with EMV- and PCI-compliant equipment, it’s up to you to ensure your customers’ credit card information is safe and protected.
An added bonus with EMV- and PCI-compliant equipment is that you’ll be protecting your business from the risk of fraud and chargebacks.
Tip # 4: Customer Care and Support
Customer care and support are essential to the smooth functioning of merchant payment services. After all, you’re likely to encounter issues with regard to payment processing or need help with troubleshooting on occasion.
With the nature and pace of business in our modern era, an efficient response time to effectively resolve any technical issues is highly valued. As such, how does the customer care and support team function, and what are the methods in which you could reach them?
Similarly, how quickly could you get someone on the phone if help were needed to resolve an issue? Is service available around the clock? Also, is the company’s team local or abroad?
Tip # 5: A Genuine Working Relationship
As you narrow down your search, ensure you feel a vested interest on the part of a prospective provider to form a genuine working relationship with you. The last thing you want is to feel like your business is just a number rather than a valued addition.
Irrespective of how much volume you generate each month, your business should be treated like any other valued client. Outstanding merchant services providers will form a partnership with you.
In closing, as a business owner who’s shopping for merchant payment services, considering the aforementioned tips will help position you to make an informed decision, which best suits your business’s needs.