Choosing a merchant account provider needs thorough research. To be able to look for one of the best providers who can offer you quality merchant account service, you need to check if such company possesses these characteristics: experienced and reputable; transparent with fees and rates; customer-oriented; fast turnaround time.
Acceptance of credit card payments is a must for businesses nowadays. And, you need a merchant account to do the processing for you. But, you need to choose a competent merchant account provider that can very well protect the interest of your business. To make sure you can find one that can definitely help you boost the financial standing of your business, here are some characteristics that you should look for in a provider:
Experienced and reputable
A provider should be in the business for quite some and is serving many satisfied clients. This is a proof that it can serve you excellently too. A reputable merchant account provider is knowledgeable on their product and can deliver the best service.
Transparent with fees and rates
A good merchant account provider should have no hidden charges that would be reflected in your statement later on. Rates and fees include not only the application fees and discount rates. Take into consideration other fees especially the ones charged on a monthly basis. The following are possible fees and rates you should expect to be charged on your business in having a merchant account: statement fee, verification charges, transaction fees, and monthly service fee. Fees will vary depending on the type of business you are engaging into. Businesses that are considered as online business only have higher expected fees because they have higher risks. Unlike physical store businesses wherein the buyer and the card are physically present.
Before acquiring the services of a merchant account provider, check on its ability to respond promptly to inquiries. Although, Web sites generally have an automated way of answering to queries, yet, it is also favorable if it can address to questions and other matters through a direct contact person. If a company is not able to get back to you right away, then, it's a warning that customer service might not be its major priority.
Fast turnaround time
You can say that a provider is a good one, if it can send the fees to your bank within three banking days after the order or purchase. This way you can benefit from the timely availability of funds in your business operation.
Your choice of merchant account provider should become an asset to your business. You need to put in extra time in choosing for the one that can uplift the status of your trade. Be careful of tricky advertisements. Low setup costs do not necessarily mean such provider is a good choice. A good merchant account service provider should at least pass the criteria mentioned above.