A few variables are important to consider when choosing a payment provider if you own a new business or are switching providers. Understanding the concept of merchant services and the variables that you need to look at when making this decision is key, and it will define the way you will accept payments and do business with your customers.
Below are some important questions to research when choosing a merchant services provider for your business.
- Do they offer the devices/hardware and software I need to run my business?
- Are the costs and rates simple to comprehend?
- How long has the provider been in business?
- Are there any termination fees?
- Is the merchant services support agent helpful and accessible?
- Do they offer other services and tools that I will require if I decide to expand my business?
- Are there any hidden fees not discussed in your quote?
Rates & Fees
Always talk to the merchant provider about your fees, and be sure you understand how is your pricing model (flat rate, interchange plus, tiered rate), how is the length of the contract, and if there are any termination fees.
Security
To minimize risks related to accepting payments, it’s important to work only with PCI-compliant payment providers who offer advanced fraud protection – including tokenization, encryption, hosted payment forms, and other fraud management tools.
Payment integration
Make sure you partner with a merchant provider that has a variety of payment processing technology that is compatible with your current software provider. This is important to automatically import your sales to your POS device without having to enter them manually. In addition, check if your merchant provider has software that is fully integrated with their terminal offering.
Merchant Services Support
You never want to deal with payment processing issues when you’re busy doing other things in your business. But when you need it it’s essential to have support available 24/7 to troubleshoot the problem and switch your device as soon as possible if necessary. Make sure you have extra support from your merchant services provider if you need support.
Bottom Line
To discover the best merchant services for your business, look for providers who can assist you in managing and expanding your business and who are open and honest about their prices, and who offer the hardware and software that will suit your business needs. Universal Payments has been in business since 2009, we believe in a transparent and understandable pricing model to offer to our merchants. Our merchant support is always available to help, and we strive to offer our merchants the best-in-class payment technology available in the market. Our team has been involved in different businesses prior to being involved in payment processing, so we completely understand all of your concerns. We are here to help and keep you as a customer for many years and have a great working relationship as we are on your team.