Steps you need to consider while selecting a merchant service provider

We will try to focus on some important factors that can help you to choose the best merchant service provider for your business.

1. Clear and Transparent Fee Rates

This is the most important thing to study before selecting a merchant account. Many times, a provider will charge you very less processing fees to entice you to open an account with them but may charge very high fees in the name of other fees. A PCI fee is one such fee that a merchant has to pay to safeguard both merchant’s and customer’s account information. So, you need to consider all the rates and then finally choose the best merchant service provider with transparent fees structure.

2. Study the Fraud Detection Program

We have seen a lot of evidence of fraud happening in the cyber world in recent times. Fraudsters are now moving toward the small and medium-sized merchants because they are considered to be an ‘easy target’. So, one needs to be aware of the data breach security program covered by the service provider.

3. Stay Away from the Misleading Advertisement

Advertisement can really be a disguise. The basic idea of an advertisement is to enlighten customers about a company’s product with proper information. But it doesn’t seem to be happening all of the time. Many times companies hire individuals’ agents having no relevant educational background or no interest. Well, there are other reasons too, which led them to promote their product in a non-transparent way. So, try not to fall into any such trap. Conduct proper internet research and choose the best merchant service provider, which fulfills all of your needs.

4. Post-Sales Customer Service Assistance

It’s not just about your hardware or software products that you require a customer service assistance after the purchase of the product, customer service for presales and post-sales is required for almost each and everything that we buy or buy from. It can be in various forms. Some companies will assist through email and chat, some may even provide you with a dedicated representative for your account.

5. Ask the Average Fund Processing Time

You might miss this thing while you are seeking information about various other things related to your provider. But a predictable time is always very necessary to have an idea to have a proper cash flow. So, if you are into any such business, which requires a continuous fund transfer then research about the average time and chooses the best merchant service provider accordingly.

6. Software Compatibility to Manage your Data Digitally

Gone are the days when you need a separate rack to store your sales receipt as today is the day of the cloud-based system. It stores our data digitally without even consuming any memory. All you need to have is an internet connection and an electronic gadget and you can trace your data from anywhere in the world. There is much software in the online market for the same purpose. Virtual terminals, authorize.net, CDGcommerce are few names.

7. History of the Merchant Account Provider

Last but not least, you need to figure out the behavior of the merchant account provider with the proper market research. Proper market research will guide you in terms of examining the previous background of the provider. So, we hope that this article will give you a good idea on how to choose the best merchant service provider for your business.