How to choose the best card merchant service
How to choose the best card merchant service
Once you decide to start accepting card payments at your business, it is inevitable that you will find yourself having to choose between different merchant services. It’s always good to have a wide array of options to choose from, but the truth is that sometimes picking the right one is not easy. Your own business needs will determine the choice you make and they may not be similar to those of another business.
There are many merchant services in the market. The most important thing is to take your time to compare the offers on the table with the circumstances of your business. This is the only way that you will be able to find the most suitable solution for your business.
Here are some of the factors that will influence your choice:
Processing fees
For instance, different merchant services charge different fees. That means that by doing your due diligence properly, you can save your business some additional expenses. At the same time, when it comes to calculating the overall cost of the different machines offered by different merchant services, there are different variables that come into play. These include card types, volume and pound value. There are also monthly fees and setup fees that differ according to these variables.
Cash flow
This is another factor that comes into play when selecting the most suitable merchant service. Between the time your credit card sales receipts are processed and the time they reach your bank account, they are held by the merchants. Different merchant services follow different systems. Some will even hold on to your funds just long enough to benefit from the interest income from the funds. A merchant service that takes too long to credit your funds to your bank account can cause you some problems when it comes to your various business plans.
Business size
The volume of transactions and the total revenue that your business generates have a bearing on the fees that different merchant services offer. This means that you should consider the size of your business and how much you expect it to grow in future when selecting a merchant service. The rates also vary depending on your processing method.
Stand-alone merchants
Stand-alone merchant services are known to offer lower rates than the merchant services that are departments at major banks. While on the face of it, it would seem more convenient to use your bank as your merchant service, bank fees are almost always on the higher side.
Customer support
Good merchant services offer their clients sufficient customer support any time they need it. The merchant should always be willing to respond to your queries any time you raise them. This will help you especially in cases where customers raise questions. The merchant service will always be a call away to provide all the necessary answers.
Merchant reviews
There are always some reviews available from people who have used the merchant service. This will give you an idea of what people feel about any particular merchant at any given time. If there are many negative comments about a particular merchant service, that is definitely the one to avoid.
