Merchant services provider
Posted by Alfredo De Leon on March 8th, 2018
Things you should know about Merchant services
A merchant service is a vast category of financial services intended for use by businesses. It refers to merchant processing services that enable a business to accept a transaction payment via an encrypted channel using credit or debit card of customers. Merchant service provider needs the merchant to have an account with the provider. Read this article to know more about merchant services provider.
1. Check your rep is trustworthy
The reputation of this industry comes from decades of businesses being cheated and taken advantage of by slick salespeople. Make sure to search someone to represent you in this arena whom you can blindly trust, who has experience and can explain the industry jargon in common men’s terms.
2. Know common pricing models
There are three standard pricing models in credit card processing: tiered pricing, flat rate, and interchange plus. Processors like Square and PayPal made flat rate pricing. Flat rate pricing is finest for merchants who are processing small volumes.
3. Ask the correct questions
There can be ancillary fees connected with a merchant account, so make sure to ask the new provider these questions about what is the
Monthly minimum penalty
Annual fee charge
Early termination fee
Statement fee
Monthly service fee
Batch fee
Application fee
PCI compliance fee
Funding times
4. Know the customer service available to you
All reputable processors will provide round the clock tech support and charge no additional cost from the customers. Check that the rep will be available to assist you in the right direction whenever you need it.
5. Up to date equipment and software
If you take swiped credit card transactions, you need to be up to date with EMV equipment. Some providers offer this without any charge from the customers.
6. Understand your present contract terms
If you find that your existing processor has been charging extra from you for years, you have another options to choose and move your business. Ask the new processor if they can assist you in paying out your termination fee.
The credit-card processing industry is so difficult. It is always best to have someone with you in court on your behalf to understand all the facts of the business. This kind of rep is paid by the credit card processing companies. So get the benefits of their knowledge and work to get the best set up and rates.
