Now that you’ve singled out some possible providers for your merchant account, how can you make sure you’d be using their services to your full advantage?
Each provider will have its own set of perks for you to utilize, but there are three core elements of every merchant account that will make the account worth its weight in gold.
If the companies you’re looking into put an emphasis on these elements and help you get started on the right foot, then you’re more likely to have a long relationship with them.
Let’s take a look at these must-haves.
Effective POS technology
Your provider will have card-processing terminals available for purchase or lease, which will enable you to begin making debit and credit card transactions in your store. Common processing technology includes PC based processing, countertop terminals and wireless solutions, and internet based payment gateways.
Browse your provider’s website and look at the options available that are inexpensive, best suited for your store’s setup, and will make transactions flow quickly. Different models will offer varying levels of security, transaction data storage, as well as battery life – if applicable.
Depending on how much you’re willing to invest and what kinds of features you require from your POS terminals, you’ll have an array of options to choose from. Selecting the right devices for your transactions is one of the most important steps for your business.
Some have additional features such as adding promotional text to your receipts and even voice functionality.
Quick Tip: don’t go overboard with all the add on features unless you’re certain that you’ll use them. Just like you don’t need a fire hose to water a garden plant, you don’t need to pay for a high speed terminal if you don’t have the ability to use it.
Easy Online Purchases
Having a merchant account will make it convenient for customers to make payments in your point of sale, but what about online shoppers?
Your merchant account will let your customers pay with credit or debit cards in a series of simple steps. Coupled with an effective e-store the right payment gateway makes payment processing quick and painless.
And of course, one of the best perks of enabling online purchases is that you’re making your business global – with a credit card and internet access, people anywhere in the world will be able to buy your products.
There are other avenues available for regulating online purchases, but they may not be ideal if you don’t want your customers to have to jump through more hoops. For example, if you use an aggregator such as PayPal, your customers will be taken to PayPal’s website to complete the purchase, and if they don’t have an account, they’ll need to make one.
Doing this for one-time payments or for signing up for subscriptions, such as to your website’s newsletter, can be a hassle; these are all things you will be able to do without the need of third parties. Equally troublesome, by using an aggregator, you’ll have to deal with high transaction fees that will eat away at your revenue.
Helpful Customer Service
Your provider will also charge you a service fee in exchange for offering effective customer service whenever you may need it. Whether there’s been suspected fraud, a breach of security or any other issue you may face, you’re paying your provider to supply you with competent customer service to help you resolve the issue quickly and efficiently.
Even if there’s no direct issue you need to resolGve, good customer service, in any business, should be considered a valuable asset. Merchant accounts with a positive reputation for their customer service are ones that have you – the merchant – as their primary focus and will help you make the most of your experience with them.
Quick Tip: Pay attention to what makes the company you’re going to select different than the others. It could be the difference between getting an average provider and one that exceeds expectations.
What You Shouldn’t Do
An unwise thing to do when looking for a merchant account provider is to allow yourself to be persuaded by a representative attempting to sell you on something you don’t need. Every provider is ready to convince you that they’re the top of the line.
Do your share of research (like you’re doing now.. clap clap) and compare and contrast rates and fees with those of other providers, read customer testimonials, and ask plenty of questions.
The more information you can gather on potential choices for merchant account providers, the better. You’ll feel assured and clear going forward, won’t have to worry about dealing with hidden fees, and won’t feel lost if a problem ever arises.
If you’d like to learn more about how to make the most of your merchant account, don’t hesitate to contact us and sign up for our free ebook.