For a modern-day business, accepting credit cards for payment is one of the factors that directly impact success. Gone are the days when customers used to walk into a retail shop with loads of cash or a paper check. Today, everyone wants the option to choose whatever payment system is convenient at the time.
To accept card payments, your business will need a merchant account. But with the number of payment processing companies increasing with each rising sun, choosing the firm that best suits your operation can be a challenge. Nonetheless, here are a few tips that should make the process easier.
- Finding Merchant Account Providers
The first step to acquiring a merchant account is to find the provider that is available for your type of business. For instance, if your operation is among those regarded as “high-risk,” base your research around risk-specialists like eMerchantBroker, rather than wasting time on a general company search.
It will also be in good measure to start with bigger, better-known firms, who cater for different businesses, and will likely serve yours as well.
- Consider the Charges
Merchant accounts usually come at a cost to the retailer, because you obviously have to pay for the payment services rendered. While some account providers charge less than others, processing fees can be up to 5% of every credit card transaction. It is, therefore, wise to carefully analyze the fees a particular processor charges, and if they’re not reasonable enough, move to the next available option.
- As Many Payment Types As Possible
Sure, a merchant account will gift you the ability to accept credit cards, but for maximum sales, those alone won’t be enough. Choose a provider that will also be open to process payments made through other forms, such as prepaid cards, gift coupons, and ACH checks.
Even better, new payment technologies are gaining popularity among tech-savvy customers. You may, therefore, want a processor with near-field communication (NFC) to accommodate payments made through smartphones, smartwatches, and other card-not-present methods.
- Customer Support is Essential
A firm might be offering many services and friendly fees, but without excellent customer service, all that won’t matter. Before applying for a merchant account, call the company’s customer support and ask a few questions to have a feel of how they relate to their clients. The provider you choose should be capable, ready and willing to answer any questions you may have, at all times.
Landing the perfect payment processing company can be a headache, but by making the above considerations, you can make the task at least a little less challenging.