You want your business to do well in the upcoming year, and one area you might be able to improve upon is merchant account services. Confused? Think higher profit margins and lower costs are the only way to change the equation? Think again. Finding the right merchant account services provider can not only make your life a lot easier in the coming year, it can also help your business’ bottom line.
Understanding the Power of Merchant Account Services
Anything that deals with the hardware, software, services, or financial side of things you need to accept and process credit and debit cards and e-checks falls under the heading “merchant account services.” There are thousands of entities that call themselves service providers, but knowing which ones you want to work with and which ones will truly benefit your business is the only way to turn the tables in your favor.
Choosing the Right Provider
With so many different providers out there, it can be easy to get overwhelmed. You may think the easiest route to go is to select the provider with the cheapest fees, right? Think again. There are so many different factors involved in the decision, you’re going to have to roll up your sleeves and do a little research before you make a choice. Start With The Track Record: The first step you may want to take is to look at the history of the business. You want a team that’s been working with companies in your industry for the past several years. A startup’s offerings may sound fantastic, but at the end of the day, they could cost you quite a bit of money.
*Look to Support: Merchant account providers offer varying levels of support. Some have resource libraries packed with videos and articles to guide you through any problem you might have. Others have around the clock support provided over email. Still others have 24/7 support from a live person via phone or chat. Your support needs depend extensively on your level of technical knowledge. Some business owners won’t need a lot of support, and thus they don’t want to pay for an extensive amount of support. Other business owners, though, need a bit of extra help to get through those rough patches.
*Consider Transaction Types: What kinds of business do you do now? If you’re not online yet, and you think you might be in the next few years, you’ll want a merchant account provider who offers to process both on and offline transactions. As your business grows, you’ll want your provider to be able to help you no matter which direction you go.
*Think Safety: Fraud protection is a must, so find out whether the provider you’ve chosen is PCI-Compliant and offers additional fraud protection measures to help protect you and your customers. From tokenization to encryption to the many other technologies out there, you want to be sure your provider is onboard with the latest ways to protect consumers.
*Ask about Processing Time: How soon can you get your money? You need to know how long it takes from the time a customer swipes his or her card to the time the money hits your bank account to understand what your cash flow might look like with that provider. Knowing in advance how long it takes those funds to clear can help you decide how to pay for supplies, handle payroll, and much more. Every provider is different, and there’s not always a right answer, but understanding what to expect is incredibly important.
*Know the Fine Print: What’s the length of the contract you’ll be signing? Will you have to pay a cancellation fee if you need out early? Are there additional fees? Find out what you’ll be paying outside of the transaction fees and rates.
*Research the Costs: Merchant account providers have lots of different cost and fee structures. Learn more about the kinds of fees you’ll be paying every time a customer uses his or her card. Try to think about all of the pieces involved, not just what those overall rates look like.
The right merchant account services provider can mean so much to your business. Make sure you have a perfect match so you can grow well into the coming year. Contact Y2Payments at 888-693-1850 to learn more about our merchant account services for your company.