Most people really, truly don’t put much thought into their merchant services provider. As long as they get a terminal and are able to swipe customer credit cards, they’re okay with it. Unfortunately, that’s not always a good way to choose a provider. While many companies may think all merchant services groups are identical, the fact is that choosing a high quality one will often make a huge difference in every little aspect of your company’s operations. Here are five good reasons to think about who your merchant provider should be – and why it matters.
- Each merchant services group will have different terminal offerings and different payment methods they allow. If you want to risk your company’s security by going for an “el cheapo” terminal, you can. However, that comes with a high risk as well as a loss of functionality. New terminals can actually cut costs significantly thanks to a variety of apps. They even can boost profits through an in-terminal online store! Moreover, studies show that the more methods of payment you allow, the more money you make. Going for a low-end company will end up costing you more than you think, especially long-term.
- If your terminal breaks, a bad merchant services company may require you to wait for weeks before they’ll replace it. For merchants, this means that you will have less profit – and angry customers. Meanwhile, a top quality merchant services provider will likely be able to replace it within a matter of 5 to 7 days, rather than 21 to 30. The less time it takes to get your terminal, the better.
- Fees and contracts also can vary. It’s always, always a good idea to shop around for the merchant services you want to get. If you don’t take a good look at what each company offers, you might find yourself locked into a hard-to-break contract that overcharges you by a significant amount. Therefore, a little bit of research can prove to be very wise for the sake of your profits.
- Service is also an issue. You would be shocked at how much service can vary from group to group. In fact, this is one of the driving factors that can make a huge difference in your overall experience with merchant processing. If you care about getting quality service with prompt replies, you will be picky about who you trust to do your merchant processing.
- Lastly, there’s a lot to be said about security. Quality merchant services groups will be very attentive to security. If you want to ensure that your customers (and you) are as safe as can be from hackers, you will take time to read up on your merchant services provider.
Finding a good merchant services provider isn’t always easy, but if you are ready to make the jump to a better merchant services company, give us a call. We are here to help.