In this day and age, shoppers find it easier, safer, and more convenient to pay using debit and credit cards compared to paying with cash. As a business owner, knowing this is crucial. However, what’s even more crucial understanding how to include cashless payment in your business. You basically have to work with a merchant service provider and get a merchant account. A merchant account allows you to not only accept debits and credit card payments, it allows your business name and transaction details to be displayed in a customer’s credit or debit card statement when they shop from your business.
In addition to being an advertising tool, having a merchant account makes it easier to keep track of cashless business transactions. Research has it, that customers tend to spend more with plastic money that when paying cash. This means more sales for you. But how exactly do you find a merchant account? Well, here are 5 tips to finding a merchant account for your business, and a good one for that matter.
- Use True Merchant Service Providers
The first tip/rule of thumb is simple. You should consider using a true merchant account provider directly instead of using banks. This is because most banks are actually middlemen in the deal. in addition to probably charging you extra, a bank may not provide the best in terms of tech support and merchant service updates. When your POS system fails, for instance, a bank will barely assist you to get back on track. You end up losing your card customers or sales. Working directly with a true merchant provider can help avoid inconveniences and save money for your business.
- Consider the Provider’s Track Record
Of course, there are more than just a few merchant account providers in business today. However, it is advisable to keenly consider a provider’s reputation and track record before choosing to set up a merchant account with them.
- Consider the Fees
Depending on the company you choose and the cashless payment system you subscribe to, the fees will obviously vary. Check and compare the fees between providers before choosing one. However, beware to think twice when the deal is so good.
- Do Some More Research and Ask Questions
Some merchant service providers have been in business longer than others. Some provide better customer service and are quick at solving issues. Some are available online and some are more prompt and accurate in reporting transactions and providing statements. Notice the repetitive word “some” in the sentences above? Well, there are others that are the opposite of all the above. Before choosing to work with a particular merchant account provider, consider going deeper in your research. Pick an experienced company that is reputed for accuracy, promptness, and solving issues fast. Conduct research online, ask questions, and find out what previous and current customers are saying about the provider.
- Consider Getting Professional Help
Some banks and merchant account providers will easily put you off on the basis that your business is classified as high-risk. You end up losing a lot of your card customers to your competition. Unbeknownst to many business owners, high-risk merchant account providers exist. https://highrisk.solutions/best-merchant-services is an example of a company that you can turn to when having merchant account approval issues due to high volume or high-risk classification.
With the tips above, you’re good to go on finding the best merchant account for your business.