Credit card transactions now total over a trillion business dollars a year. Any merchant not getting involved with this total may be missing out on potential profits. Even the smallest company should accept credit transactions to match or rise above their competition. Your company must gain the help of a merchant credit processor to get in on the action. A company in this industry can be considered as a vendor. As with any vendor, it is important to review all your pricing and service options. You can compare available providers to determine who matches your processing needs. This will also help you receive the best rates for consumer charges. A thorough merchant services review makes certain you obtain a dependable provider. Include reliability and reputation as part of your merchant services comparison. Cost is important but not the only priority in this business advancement.
Merchant Services: Cost, Service, and Reputation
Financial costs are always a big concern when beginning to review merchant services. As you are going through possible candidates, determine their per transaction rate. This is a combination of a percentage charge and a flat rate fee. Typically one will be higher than the other. Choose which one you prefer to be the higher amount based on average sales and other factors. A business which receives a low number of high dollar transactions each day will be served better by taking an increased flat fee. Businesses with a large number of low dollar sales can benefit more from a decreased percentage rate. Make a list of all monthly fees charged by each provider. Flat monthly charges can be for statements, services, materials, equipment, and various other items. You can use this list to negotiate better pricing. Many companies compete by removing fees to reduce the overall cost. Ask each company what the limit is on transactions. Limits are commonly per payment, per day, or weekly. These numbers will be determined by your business credit history as well as your average business transactions. Finally, obtain information from each company regarding how you will be paid. Deposits can be in one lump sum or separated by transaction over a set time interval. How and when funds are deposited can affect your business.
While speaking to a sales associate, ask if they can provide the names of other companies they have assisted previously. Any company unwilling to provide this sort of reference most likely has a less than desirable reputation. If you obtain a few customer names, take the time to ask each for an opinion of the service they received. You can also see if they know of any other businesses. Go as deep as you can to ensure you are dealing with a reputable company. This information will help you determine which merchant services are beneficial. There are many resources you can use to learn about the credibility of each provider. Go online to view blog posts, testimonials, and reviews. Ask other similar businesses who they use for processing. Obtain as much information as you can before completing your merchant services review. This will help you make the most informed business decision.