In order to do business in the modern world on a competitive level, you need a merchant services partner. Having this partner is the quickest and easiest way to the credit cards and digital payments that the Millennials and upscale consumers are using today.
If you have many companies all trying to sell you merchant account services at the same time, consider yourself lucky to have a company that is generating income. Your job at this point is to pick the partner that will allow you to expand more business at the least amount of cost.
– First of all, check the fees of the people who are trying to sell you a merchant account service.
There are usually two types of fees that are associated with merchant services. Fees will be charged up front or per transaction. In order to determine the better fee for your company, you need to do the simple math.
If you sell a product with a small profit margin, then you may want to consider a flat fee upfront. Even if you have a relatively high profit margin, if your volume would cause these per transaction fees to be greater than the flat fee, then go for the flat fee.
– Secondly, choose the merchant account service that actually has the best service.
In order to fully engage with your audience with respect to financial transactions, you must have a fully fleshed out merchant services partner. The basic services that you want in a partner are a fast execution time and a straightforward record keeping process.
You should also create a relationship with a merchant account service that has good personal customer service as well. You will always run into occasional tech problems. What separates the good company from the bad company here is the ability to address the situation immediately.
– Compare the rates and the services that you get from competing companies.
The more successful your company is, the more that you will have merchant service providers looking to sell you a partnership. This is leverage that you can use in order to negotiate favorable terms for your business.