Small business owners must ensure that their customers have a stress-free checkout process. Entrepreneurs do a lot of hard work to get a customer into the store, but they don’t want them to be put off by a complicated or inefficient checkout process. Merchant service providers can help.
Merchant service providers allow businesses to accept debit and credit cards in person and online. It can be difficult to choose the right merchant service provider for your business when there are so many of them. When selecting a Merchant Account provider, there are four things you should keep in mind.
Customer Reviews
It is easy to check online reviews in the internet age. Visit message boards and forums where people discuss the merchant service provider. The goal is to find a service provider that has a majority of positive feedback and reviews.
Remember that competitors often post negative reviews of each other. Companies will also pay for people to fake positive reviews. Bottom line, the majority of reviews should be positive. Use common sense.
Fees Comparable
Fees are usually similar among major companies, as there are many merchant service providers. The average transaction fee is between 1.5% and 2%. Be wary of companies who advertise rates that are too low to be true. The rates that sound too good to be real are most likely not.
In general, service providers charge different upfront fees, such as an application fee, a setup fee, or a fee for equipment. Companies that charge lower upfront costs will usually charge higher transaction fees.
Hidden Fees
Some merchant service providers may try to exploit unknowing clients. In addition to the headline fee per transaction, a provider of merchant accounts can charge a number of additional fees. These include cancellation fees and customer service fees.
The fine print usually includes these fees. Be sure to carefully read the contract and understand all possible fees.
Customer Service
Merchant service providers are one of those relationships in which a business owner only contacts the provider when there is a problem. Customer service is therefore essential. It is the last thing a customer wants to experience when they have a problem with their credit card and then find out that their merchant service provider is unavailable or unhelpful.
Call the merchant service provider during peak hours to check the quality of customer service.
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