Merchant Card Processing Companies: Choosing the Right MSP

Merchant Card Processing Companies: Choosing the Right MSP

A Merchant Service Provider (MSP) enables businesses to accept payments via debit, credit, and checks. Not accepting these payment forms could mean missing out on significant revenue. However, before setting up an account, it’s crucial to evaluate potential MSPs based on their business legitimacy, history, processing fees, customer support, and account options. Using these criteria helps ensure the MSP you choose meets your business needs.

Business Legitimacy

Merchant card processing companies must be sponsored by a bank and approved by a credit card company to operate. This sponsorship and approval process is rigorous, and not all applicants are successful. Some rejected applicants might even choose to operate without legitimate backing. It’s important that an MSP displays its sponsoring bank’s name, which must have a physical location, on its homepage. If the MSP’s listed bank is unfamiliar or lacks a physical presence, consider selecting a different provider. Typically, the bank’s name is found at the bottom of the MSP’s homepage.

Business History

Understanding the types of businesses an MSP has served—whether small or large—can guide your choice. For small businesses, partnering with an MSP experienced in similar-sized operations can be especially advantageous.

Processing Fees

The amount you pay in processing fees depends on your type of merchant account. Since fee structures frequently change, making industry averages quickly outdated, regularly reviewing up-to-date MSP review sites is recommended to get the latest information.

Customer Support

Effective customer support can be crucial, especially if a technical issue arises that could interrupt your revenue flow. Opt for MSPs that offer comprehensive support around the clock, including 24/7 phone support, live chat, and email responsiveness.

Account Options

Even if you currently need just one merchant account, consider MSPs that offer a variety of account types. This flexibility is beneficial for future expansion. Ideal MSPs should provide retail, internet, wireless, and mail order/telephone order (MOTO) processing accounts.

AVPS: The Right Choice for Your Merchant Account Needs

AVPS offers diverse merchant account options to cater to both large and small businesses, such as online and retail processing, wireless, check, and mail and telephone processing. With over 25 years of experience in serving merchants, AVPS is well-equipped to boost your revenue potential. To discover more about how our services can benefit your business, contact us today.

By simplifying the content and focusing on key points, the information becomes more accessible and engaging for readers, ensuring they understand the critical aspects of choosing the right MSP.