How to Choose the Right Merchant Services Provider for your Business

Whether it is a small business, large retailer, or an e-Commerce store, everyone requires merchant services to retain the clients and enable faster transactions. Not to mention carrying around a hefty amount of cash can be risky. The invention of the credit card has liberated lots of users from the hassle of stocking up on the paper currency. And while e-commerce has fueled many payment gateways, credit cards remain one of the most popular and widely accepted payment choice in every corner of the globe.

Using credit cards or e-Check payments, you can transfer the money to your bank account, which reduces high DSO (Days Sales Outstanding) value and increases the cash flow so that you can reinvest that sum in your business. So, have you decided to receive payments through credit card or an e-Check, or are you are contemplating a switch to a new provider?

There are many factors to consider while choosing the right merchant services provider for your business. There’s no denying the fact that hiring a processor that falls short of the requirements of your business can cost you dearly. Below are some of the essential points to consider when opening a new merchant account or switching your credit card processor:

Fee and costs

Yes, money does matter in business, but small businesses struggle the most with high costs. While you have to pay some amount of processing fees to the seller, make sure there aren’t any hidden charges or additional costs involved, which may affect you later. Also, there is no compelling reason to pay more than you ought to for your merchant account needs. Get a hang of their service terms and pricing policies, and if you have any query, you can ask them for a brief explanation. However, if you are not satisfied with their clarification, then you should consider other options.

Reliability

One of the notable things to keep in mind is the reliability of the provider.The last thing any retailer would want is to have their credit card processor fail right in the beginning of the month which constitutes a major chunk of the sales. Also, a reliable services provider enables your business to sustain a regular cash flow, which is essential when running any business. 

Trustworthiness

Besides having a reliable payment gateway, you must ensure that the services provider abides by the rules and regulations. This is of paramount importance, considering the increasing concerns of both the credit card firms as well as the Federal Trade Commission (FTC). Working with a trusted provider can help you avoid legal problems that could bankrupt your business.

Security

Securing sensitive information is vital for any business that accepts credit card, e-checks, or other online transaction payments. With the advancements in e-Payment technology, having the privilege to pay anytime, anywhere, and via any gadget comes with a lot of responsibility - to safeguard your clients' sensitive payment data, along with your confidential business information. Trusted payment processors use Point-to-Point Encryption (P2PE) and Tokenization technology to shield your business against fraudulent activities and security breaches.

Customer Support

Beyond being on the first-name basis, you must know who to contact in case you face technical issues with your credit card machine or have questions associated with your monthly billing statement. Selecting a provider that renders 24/7 customer support can help solve these issues quickly and effectively. 

Dedicated Service

Merchants who pay a subscription fee are more likely to benefit from partnering with a secure provider that is customized to their requirements. Doing so will help you attain a Trial & Continuity merchant account that is specially designed to cater your business needs. It will ensure that you are not losing large chunks of your profit margins on each transaction.

As eager as you can be to find an excellent merchant services provider, don’t rush the process. The merchant account application process is thorough and can be time-consuming. Most processors will ask you to submit a detailed application, your personal or corporate financial information, IDs, an in-depth business plan, and possibly more. 

With an incredible services provider by your side, you will not have to worry about anything. The processor will offer you the best merchant account and services such as MDR, transaction cost, and hold backs, which best suits your business needs. 

If you are looking for a credible and reputable Merchant Services in Carlsbad, then contact us for the best quote.