Regardless of the size of your business, payment processing is a very important part of it. And before partnering with the right merchant service provider, you should know the different offerings other providers can give you. Here are five important questions you should ask before deciding which is the right merchant service provider for your business.
Question 1: Is there a set up fee?
Many companies will charge a set up fee to get your account started. This can range from $30 to over $100. Many companies in order to earn your business will waive this fee, so be sure to ask if they can work with you. Tell them you are shopping and got a better deal elsewhere and often times this can be waived.
2. What are the rates they charge for different types of credit cards?
Certain cards like American Express for example charge merchants are higher percentage than other credit cards, usually around 3.5% or 4%. Other credit cards however are much less, so be sure you know what your rates will be for the different cards you know how much to gauge your potential profits.
Question 3. What are the monthly fees?
Many providers charge a monthly fee for servicing your business. And it just follows that there will be different rates of monthly fees for different merchant service providers. Ask if you can negotiate a better rate for your monthly fees.
Question 4. Do they have a 24-hour customer service?
Most companies will have this, if one you are talking to does not, run for the hills particularly if you are running online payments.
Question 5. What are their security measures?
You need a payment processing company that can assure safety. With all the fraud in online payments today, this is probably the most important question to consider.
Google Search Tip: If you've already narrowed down the number of merchant service providers you are considering, you can do an online research to read their company profile aside from visiting their websites. This is helpful in terms of finding out the company's online reputation. Sample search terms may be "merchant services direct" or "merchant services direct, spokane". Adding a location (Spokane) to the company name (Merchant Services Direct) filters the search results. Terms like "merchant services direct review" and "merchant services direct profile" will be useful, too.
Question 1: Is there a set up fee?
Many companies will charge a set up fee to get your account started. This can range from $30 to over $100. Many companies in order to earn your business will waive this fee, so be sure to ask if they can work with you. Tell them you are shopping and got a better deal elsewhere and often times this can be waived.
2. What are the rates they charge for different types of credit cards?
Certain cards like American Express for example charge merchants are higher percentage than other credit cards, usually around 3.5% or 4%. Other credit cards however are much less, so be sure you know what your rates will be for the different cards you know how much to gauge your potential profits.
Question 3. What are the monthly fees?
Many providers charge a monthly fee for servicing your business. And it just follows that there will be different rates of monthly fees for different merchant service providers. Ask if you can negotiate a better rate for your monthly fees.
Question 4. Do they have a 24-hour customer service?
Most companies will have this, if one you are talking to does not, run for the hills particularly if you are running online payments.
Question 5. What are their security measures?
You need a payment processing company that can assure safety. With all the fraud in online payments today, this is probably the most important question to consider.
Google Search Tip: If you've already narrowed down the number of merchant service providers you are considering, you can do an online research to read their company profile aside from visiting their websites. This is helpful in terms of finding out the company's online reputation. Sample search terms may be "merchant services direct" or "merchant services direct, spokane". Adding a location (Spokane) to the company name (Merchant Services Direct) filters the search results. Terms like "merchant services direct review" and "merchant services direct profile" will be useful, too.
About the Author:
If you are looking for a merchant payment company in Orange county visit this site: http://merchantservices.inorangecountyca.net/. They offer great rates and service. go there now.. This article, Have You Asked These Basic Questions to your Merchant Services Provider? is released under a creative commons attribution license.
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