5 Things to Expect from Merchant Services
When evaluating a new or current merchant services company, there are some important things to consider. Some of these may seem self evident and some you may not have thought about previously. However, the breadth of consideration which the merchant services company has put into their structure will be telling of your future experience if and when you need help.
- Accepts Multiple Payments: Clearly having a one stop shop for your payment processing is ideal and your merchant services partner should have planned for that. Whether it be check processing, online payments, EBT, gift cards, etc it is not too much to expect that they have done the homework for you. Many merchant services companies and payment processors also have their eyes on the future for things such as cryptocurrency acceptance as it becomes more user friendly.
- Understands your Business: If your merchant services company does not understand the way your business operates and what you are working to accomplish how can they structure your merchant account and other payment acceptance correctly? From risk issues, to offering new products and service, understanding your business is key.
- Structures Fees and Pricing Based on your Business: By understanding your business, your representative can structure your account to fit your needs. If you transact high tickets, then your rate is of most concern. However, if you do a lot of small transactions then your transaction costs need to be managed. Fitting the pricing to your business rather than your business to the pricing makes sense for everyone.
- Works with New and Established Businesses: While a newer business may be viewed as higher risk, a top tier provider knows how to support new and existing businesses. The right processor may have multiple platforms that best serve certain business types or better support new business. Every established business was at one point a new business still finding its footing.
- Provides on Shore Customer Service: When you have a concern, the last thing you want to do is to get bounced around the world. Having a dedicated on shore merchant services team available to address your needs is vital. When that day comes for you, this will be something you are thankful for.