Whether you are just starting a business or in charge of the accounts receivable department of an enterprise-level firm, you need to make sure that whatever merchant services provider you use has experience and also has your company’s best interests at heart. As such, there are many different factors you need to look for when making this big step. After all, this contracting partner will be responsible for processing all of your payments. If they do a lousy job, you’ll have late or possibly lost payments, which can spell the end of any burgeoning business or really hinder the growth of any enterprise-level business. With that in mind, here’s what you need to look for in a merchant services firm that you are considering contracting with, whether it’s for your own business or a business that you work for.
Make Sure They Are Accredited and Well-Reviewed
This is so essential – you wouldn’t want to get involved with a merchant services provider that is just starting out and doesn’t have the proper qualifications. The first thing you want to do here is check to see if they are accredited with the Better Business Bureau. Any business that has a legitimate reputation and has client testimonials will likely be accredited. You’ll also want to read reviews and see if there are any complaints. If so, you may want to consider other options.
Consider the Needs of Your Business
It’s true that different types of business of varied sizes and industries need different solutions. This is doubly true when it comes to payment processing. For example, if you run your own law firm and have many clients you are billing hourly, the best merchant account for you will be one that does not have monthly volume caps and charges a flat fee per transaction. However, if you work for an enterprise-level business that provides B2B buyers services to a small handful of large clients, then you may want to look into a payment structure that charges a smaller percentage per transaction. Otherwise, you may end up paying more in payment processing fees than you had anticipated.
Look into Technical Support
Finally, you want to make sure that any merchant services provider that you use has adequate technical support. If they are located internationally, you want to make sure that the hours they are available sync up with your own business hours. Otherwise, you may have to wait an extra day to ask any questions or troubleshoot anything regarding your payment processing, which can make payments delayed. This can hurt your cash flow and harm your business. As such, it is recommended that you go with an option that has comprehensive technical support – even if it is not the cheapest option. After all, even if you save money in the short term with a cheaper merchant services provider, you’ll find that mistakes will be more systematic, and will often cost you more money in the long run. Because of this, you should make sure that whatever merchant services provider you choose fills the role that you need it to as a partner to your business, and that it is also comprehensive enough to fit your needs.