The world runs on plastic card payments, and if you are a merchant, you need to accept these payments. While a Canadian merchant account may cost you a little, the benefits it can add to your business greatly outweigh processing fees. The ease of plastic card usage can translate into a bigger profit, and a better reputation in your area. New business owners and those who are new to the plastic card acceptance field can find the prospect tough, however there is little to fear.
One of the best things that you can do is to negotiate processing fees. While this is not always possible, this can help you keep more of your earnings while you are getting started. This can also help you get a feel for your prospective Canadian merchant account processor, to see if they are willing to work with you. Be sure to ask for the rate scale for all types of cards, from debit to AmEx to “rewards” cards. Likewise, make sure that your processor is used to working with small businesses. There are major differences with the workings of small and large businesses, and not all processors are familiar with these differences.
You also need to keep on top of security changes and issues that may arise. While many issues are well publicized, there are hundreds if not thousands that are not. This cannot only keep your customers information safe, but it also helps keep your information safe. This is something to keep tabs on with your merchant account processor, since many provide security for their terminals. On the subject of terminals, you need to make sure that if you want a portable terminal that your processor allows it. Not all do, and this can be a major setback, especially if you do not have the room for a stationary terminal.
Accepting plastic card payments is a big decision. For some, it is easier to keep a “cash only” business. However, this ease comes with the complication that most carry plastic cards for payment use, and not cash. Obtaining a Canadian merchant account is a big deal, and something that should not be taken lightly. Before signing on the dotted line, be sure to ask questions. If you are not satisfied, check around and do not feel obligated to sign with the first processor you approach.