Choosing the Right Merchant Processor - What to Look For
- Author Pawel Reszka
- Published February 2, 2008
- Word count 720
Almost all the businesses today accept credit cards. If your business doesn't then its high time it began accepting debit and credit cards, as they are being increasingly used by customers to make purchases on account of the convenience factor.
The credit card industry has revolutionized the way people make their payments and are constantly coming out with new innovations like cash-back bonuses, mileage credits, and numerous others to make them more acceptable for customers. Small, online business owners are circumspect about processing sale on a credit card, because they are unsure about choosing the right merchant processor.
Given below are a few tips that would help you select the right merchant processor. So without further ado here they are:
Your Business Bank can be a Good Option
Your search for a good merchant processor can end with the bank you are doing business with. However, not all banks offer merchant services to start-ups or new businesses. The standard practice of most banks is to avoid offering merchant processor services to a business that has been in operation for less than a year.
However, if you can convince the bank, you can't choose a safer merchant processor than where you do your business banking.
Peer Referrals
Choose a merchant processor that your peers might refer to you. A peer might have been using the services of particular merchant processor company for a significant period of time, and hence can give you his feedback and enable you to make the correct choice.
The Transaction Fee and Percentage
You will find that there is not a single transaction fee and percentage across all banks. The transaction fee and percentage for credit card purchases as well as debit card purchases differ from bank to bank. Do extensive research on the specific rates offered by each bank pertinent to specific cards like MasterCard, Visa, Discover, American Express etc.
At times various businesses come together through a trade association to negotiate rates with a merchant processor. Herein, the processor might just charge less, as compared to the existing market rates. Explore this opportunity to see if you can get some benefits
The Independent Sales Organizations
Try not to choose those merchant processors who act as an agent for an independent sales organization (ISO). Pick an ISO who works with major banks. You won't go wrong there. Your local chamber of commerce might be able to help you out in this regard or the local board of trade.
The Primary Bank
Choose a merchant processor who is associated with a big-time primary bank. This ensures good services and timely payments to your checking account, which is an absolutely must for any business.
Track-record and Clientele
Find out how long your merchant processor has been in business. This should not be your only parameter of selection, but it does give you a good indication of what you can expect from the merchant processor. Moreover, it will be infinitely easier to work with a well-established merchant processor.
You must also try to get some idea about the clients who have formed an association with a particular merchant processor. The more the clients the better it will be. More importantly if the processors have some big clients up their sleeves, then the better for you.
Contract Length
Most banks would ask you to sign a 3 year contract. If this is the case, then select the services of a bank that gives you good rates with respect to the time frame. Always try and choose the bank that offers you advantageous rates if it asks for a long term contract.
Manual Processing of Cards
Choose a merchant processor who gives you an option to manually process the cards. This makes for a great convenience if you have a power cut.
Customer Support
Your merchant processor must be known for its superior brand of customer support. The hours of operation must be commensurate with the hours of functioning of your business. You also might want to get in touch with your merchant processor at odd hours at times, in case of problems. Choose somebody by taking into account all these aspects.
We hope these pointers would enable you to choose a merchant processor who you can have a successful working association with. Study all your options thoroughly before making your choice.
Check out the Make Money Online Project at: http://www.affhelper.com/make-money-online.html
If you want to learn how to launch a successful online business then visit: http://www.affhelper.com/mass-control/
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- How Powerful is 20000mAH Power Bank?
- The Future of E-commerce: Trends in Shopify Subscription Boxes for 2024
- Survey Equipment in Australia: Tools for Precision and Efficiency
- The Transformative Impact of ECommerce on the Airfreight Industry
- What is the difference between ebook cover and book cover?
- The Real Reason Why You Need a Professional Website Designer: Hire a Professional Website Designer on Fiverr
- Meet Sellvia, an ecosystem that includes all the ecommerce, and marketing features you need to start, your business.
- Stay Connected with Beeper Pagers: A Timeless Communication Tool
- How to Design Custom Labels for Your E-commerce Store
- Sustainable Lifestyle Through an Online App Platform
- What Shopify developers can do for your e-commerce
- Equinox Gold Mines Gold Directly to Consumers with New E-commerce Platform
- Affordable Government-Accredited Aged Care Courses for Caregivers
- eCommerce Future: Trends to Watch
- Affordable Government-Accredited Aged Care Courses for Caregivers
- Here is a List of Dos and Don'ts if You Wish to Loan Your Car for Cash in Dorset
- Dermatological Solutions!
- The Transformative Power of Yamaigel’s Certified Gel Eye Masks
- MK Web Celebrates Top Position in Bourne's Premier Web Design Rankings
- Leveraging Branding Assets and SEO in Phoenix for Business Growth:
- Strategies for Getting Invited to Amazon Vendor Central
- Accounting Systems in Sri Lanka: A Comprehensive Overview
- InsightLeap: Helping Amazon Vendors Achieve Greater Success
- Choosing The Right Customer Data Platform (CDP) for eCommerce
- The Future of Cryptocurrency in the Nigerian Financial Services System: A 2024 Perspective
- Driving Business Growth With Retail Returns as a DropShipper
- E-Commerce and AI: A Perfect Match - If Done Right
- Investing in Eternity: The Long-Term Value of Buying Diamonds
- Profit-Driven Strategies for Your Magento Eсommerce Website
- The Shift to Online Shopping: Exploring the Preferences Over Physical Stores