If you run a business, you need to sign up with a merchant services account. People no longer want to pay with cash and expect most businesses to accept credit cards.
Not only that, but you need a reliable merchant services provider to process transactions. Payment of purchases is a big part of the customer experience, and you don’t want to lose that because your credit card machine stopped working.
Not only that, but you can also lose current and future sales by choosing a poor provider. Read on to learn what you need to know when selecting a merchant services provider.
They Serve Your Industry
The first thing you should do is make sure that a merchant services provider works with your industry. There are some industries that are deemed high-risk because the purchase amounts are high or they have a high level of fraud and chargebacks.
You might be thinking that you’re off the hook because you don’t run a gaming site or a pawn shop. Think again. There are industries like travel and furniture that are in the high-risk category.
Multiple Ways to Pay
Even if you have a restaurant or a retail store, people are moving their payments online. For example, people want to have the convenience of ordering and paying ahead for dine-in or pick-up.
In retail, the shift to paying with mobile devices has been dramatic. Black Friday showed that there was tremendous growth in purchases from mobile devices.
How does that impact your business when you look for a reliable merchant services provider? You need to have a provider that can work with eCommerce and in-store transactions.
When you’re looking for a merchant services provider, you want to make sure that they offer features to fit your needs.
In cases where you have a membership-based business, you’ll need to set up recurring billing. If you have an eCommerce store, you want your payment page to integrate easily with the rest of your site.
Most of all, you want to be able to access the cash from those sales quickly. You want to look to see how long it takes from the day of sale for the funds to hit your bank account.
The best way to judge a merchant services company is to see how they act and respond when things go wrong. You want to make sure that your merchant services provider is on top of the situation and that they resolve it quickly.
There’s no way for you to know for sure until you start working with them. You can ask a lot of questions before the sale to see how responsive the customer service team is.
Finding a Reliable Merchant Services Provider
Don’t overlook the importance of finding a reliable merchant services provider. You want to make sure that your business is set up for success and you have payments coming through the door.
You want to choose a provider that has the features and support you need. You also need a provider that works with your industry.
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