5 tips to choosing the right merchant processing partner
If you are a business owner then you know the importance of having a good merchant processing partner. Staying on a cash-only basis may lead to some security measures, with such things as thefts, both from an employee and from robbers, so it’s always a good idea to have a merchant account so that you can start accepting credit card payments.
If you are still in the process of looking for a merchant account to partner with, check out the tips below to help you.
- Ask for recommendations – there’s nothing better than first-hand information from friends. If you have colleagues who recently partnered with a merchant account, ask them if they can recommend the same company to you. Don’t hesitate to inquire your acquaintance has had any problem at all so you can know which to expect. You can also go online and read up on forums for any recommendations.
- Do your research and compare all the merchants you’re eyeing – narrow down your choices, and make sure to compare all their services and prices. Don’t just get the first company you find just because you find their website very professional looking or their account representative gives a very convincing sales talk. There are many questions you can ask in order to be assured that you are getting a company that you can build a good relationship with.
- Choose a company that has had years of experience – while there is nothing wrong with getting a newly-built company, there’s still something to be said for companies that have had years to build its reputation and client roster, especially when the nature of your business is categorized as high risk. Those in the marijuana industry for example, always have a hard time with banks, but companies such as highrisk.solutions have been helping such industries as a High Risk Pay merchant accounts processing partner for more or less 20 years. With those years of experience under their belt, you know that you are getting quality service for your money.
- Ask about all the fees they will require and the processing time for the transactions– make sure to inquire about all the charges that you will get for the transactions. Most good, reputable companies will only charge a fee for every transaction, and other fees, such as monthly fees, and set-up fees are no longer necessary. Do ask also how long it takes for the transaction to be cleared as a cash flow is important for any business.
- Make sure they will offer constant support – it may not be soon, but eventually, your business might need support in the process. Make sure that when you look for a processing partner, they are willing to offer you customer support anytime, 24 hours a day, seven days a week. While email support may be available anytime, it would also be ideal to have live support. This way you are able to communicate with a real person and explain the problems that you have.