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More Tips for Choosing a Merchant Credit Card Processing Provider
Occasionally, and in an effort to keep our customers current on what is sometimes an industry that changes on a dime, FDIS puts together some tips, suggestions and other helpful information. The vast majority of businesses now have merchant credit card processing services. Still, there are those times when what they have doesn’t meet their needs or it could be their current provider is no longer affordable. Whatever the reasons, there comes a time when many believe it’s time to begin shopping for a merchant account that better serves their needs. With that thought, here are a few important considerations to keep in mind in your search.
You already know how the process works. A customer presents his credit or debit card, or maybe a traditional check, at the point of sell for purchases or services. You swipe the card or feed the check through the check reader and wait a few seconds for approval. The customer signs the receipt, you store it in your cash drawer and everyone is happy. But what happens after the sale is made? And how do you know what to look for from your provider?
Your first concern is usually when you will actually be reimbursed. This is called the “settlement”. If it takes the better part of a week, it likely is not advantageous for you or your business. Ask your provider for details on how that process works.
Also, you want to be sure you understand all of the fees associated with your processing provider. Does it cost each time you dial the 800 phone number in search of answers or support? If so, it may not be the best solution for you. Also, look for any hidden fees. Again, this is not acceptable for most business owners. No one wants to discover they’re being charged for details they weren’t even aware of.
Does your merchant provider have the resources to help you grow your business? For instance, you may have never anticipated an e-commerce setting, but suddenly, you find yourself building a website that’s sure to be a success. You want to know your provider can meet those growing internet credit card processing needs.
Finally, be sure your choice is available when you need questions answered. A question that comes up during closing needs to be answered right away, not the next business day after nine a.m. Search for those with extended or around the clock support.
With just a bit of forethought, finding the right partner will be the easiest task of growing your small business.
