Thanks to the rapid popularization of e-commerce, merchant service accounts have become a must-have for every business. Through these accounts, merchants have a fast, convenient and secure way of processing payments made through cashless methods such as credit and debit cards, gift cards and even checks.
Merchant account providers come in different shapes and forms, and as such, their services may also vary. Regardless, your preferred company should offer the essentials. These include:
- Fast and efficient card payment processing
Irrespective of the number of daily credit card transactions you complete, a merchant account should handle them with ease and efficiency. If you run a physical retail store, the performance of your point-of-sale (POS) equipment depends on its machinery, the processing software, and the network it uses. All these factors should be in peak condition to maintain a speedy and productive payment process at all times.
- Top-notch security
The idea of accepting credit card payments entices, but it has has brought to life new forms of fraud and electronic theft. Therefore, your merchant account should have the necessary measures for safe and secure transactions. Such measures include network firewalls, PIN pads, and data encryptions.
Also, your provider should comply with the latest standards, and be willing to upgrade your system whenever a new security update is available.
Merchant service companies might bombard you with a horde of features, some of which end up useless to the business despite being billed along with other transaction charges.
Fortunately, companies like EMB have flexible accounts to allow you choose only the features you need. Having fewer features not only saves you money, but it also makes it easier to understand how the system works.
- Unquestionable customer support
One of the most common subjects of complaints made by merchant account holders is poor customer support. Account providers have the bad reputation of only portraying great service during the first month of your contract. If you’re in business with such a company, request for an account termination immediately and transfer to a better firm.
Your merchant account should qualify you for reliable and knowledgeable customer support whenever you’re in need.
Of course, a payment services company can have more to offer and might even be the cheapest you can find. But do not allow them sway you into compromising on the key services above.