Choosing the right merchant account services provider is essential for any successful company regardless of its size.
After all, it is this entity that will ensure that customer payments are streamlined and secure, and it is they who will furnish you with the point of sale hardware and software vital in optimizing your operations.
Considering how many payment services for big businesses and smaller ones will be vying for your attention, why not take a few minutes to learn a few valuable tips that will help you to select the best partner for now and the years to come?
Demand strong customer support.
The merchant account provider acts as a crucial bridge between you and your customer, facilitating smooth and secure payments for the client and seamless transmission of funds into your business account.
If a problem develops with your point of sale system or you encounter some other type of payments-related issue, you need to be able to access prompt, expert help. Long delays can mean costly service interruptions, angry customers, and lost sales.
As you are vetting payment service providers, be sure to ask how you can obtain support when difficulties arise, including when help is available and if there is a cost involved.
Fees might be a la carte, tiered, or all-inclusive. In some cases, support is free.
Carefully examine the systems each vendor offers.
When a provider’s systems work smoothly, you can look forward to reliable payments. Should problems arise, a good merchant account provider will have the resources and expertise necessary to recover quickly.
The one you choose should be able to demonstrate a proven track record of consistently good service as well as strategies in place to mitigate the impact an outage will have on your operations.
Ask about security programs and protocols.
Any company must make protecting customers’ sensitive cardholder data a high priority.
Your merchant account provider will play a primary role in implementing and carrying out these security measures, thus minimizing the likelihood and consequences of a data breach.
Your provider should be able to show you that they have security monitoring and reporting systems and protocols in place to shield your business from cyber criminals.
Additionally, they should encrypt and tokenize all communications during the payment process and be certified in compliance with standards such as the Payment Card Industry Data Security Standard (PCI DSS).
Gauge the provider’s experience level.
It is best not to take a company at its own word about its credibility and experience. Instead, seek out third-party references to determine if the vendor has a proven track record in your industry and with businesses of your size and customer base.
Ask questions about what payment processing options they make available to you. Be sure their systems are compatible with your existing equipment and that they work with secure payment gateways for processing online transactions.
Finally, don’t sign any agreements until you know whether the provider has the resources to grow and evolve with your business over time.
Understand the terms of your contract.
Whether you are looking for low rate credit card processing for small businesses or a complete package for a global operation, you will be required to sign on the dotted line before you can begin receiving payment-related services.
Remember that contracts are binding legal documents from which it can be tremendously difficult or impossible to extricate yourself. It is a far better plan to take the time to be fully aware of all the terms before you make the commitment.
Specifically, make it a point to understand elements such as the length of the contract, early termination or cancellation fees, and any added costs for customer support.
Ask the vendor if they offer value-added services such as reputation monitoring, loyalty programs, payment security and compliance assistance, competitor reporting and insights, and much more.
These bonuses can help to bolster and enhance your business at little or no extra cost to you.
Payment processing that is safe, secure, and reliable should be one of the strongest building-blocks of your small or large company.
Taking the time to vet the right merchant account provider will ensure that payments flow easily and safely through the system and will provide you with the state-of-the-art hardware and software you need to optimize virtually every aspect of your operations.
