Investing in a merchant account is one of the smartest things a small business owner can do. Especially with the holiday season coming up, when you’ll be doing a much higher volume of sales, it makes sense to partner with a payment processing company that can help increase your productivity. But with so many companies now offering merchant accounts, it’s tough to know which one to choose.
If you’re in the market for a merchant account, and you want to get the most bang for your buck, keep the following points in mind as you shop around:
Knowledgeable customer support available 24/7. You need to partner with a credit card company that offers experienced in-house support in the event that a transaction doesn’t go through or you have questions about your account. Some merchant accounts only offer an FAQ page on their website or a database of articles that may or may not address your particular concern. Not only is this lack of support frustrating if you’re in the midst of a transaction, it could translate to the loss of a sale. When you sign up with a credit card company, make sure you’re able to get a live person on the phone when you need them.
Flexible pricing structure. If you’re a merchant who’s doing a large volume of sales (or you plan to!) transaction fees can add up. This is in addition to any monthly fees the payment processing company charges for doing business with them as well as statement fees. In order to keep the most amount of money in your pocket, make sure the company you choose offers a flexible pricing structure. They may charge a higher monthly fee (for example $50), but they might also offer a much lower transaction fee than their competitors. Find out more about merchant account fees.
Free equipment for processing credit cards. Some credit card and wireless terminals can cost an arm and a leg, and this is in addition to the percentage you’re charged per transaction. When you’re on the hunt for the right payment processing company to do business with, look for those that offer equipment at no cost when you open an account. Certain credit card processing agencies may even waive setup and application fees. It pays to negotiate!
Selecting a credit card processing company that fits the needs of your business doesn’t have to be rocket science, but you need to be informed. If you want to increase your bottom line, streamline your payments and have peace of mind, it pays to shop around.
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