Selecting the best merchant service provider could help you save thousands of dollars each year, and your payment system will have a direct impact on the experience your customers have. A win-win-win situation is one which benefits both your customers and you. Modern merchant service providers are affordable, efficient, helpful with chargebacks and does not have to charge surprise fees. Every customer who walks through your doors enjoys a positive experience at the checkout. It's not necessary to compromise on quality to save money or in the opposite direction.
We've collected what we think are the most important questions you can ask your friends and colleagues considering working with. These are the questions that make good and bad ones. Before we get to the bottom of this, let's understand what a merchant service provider and merchant account service provider are. If you wish breaking news on merchant services Los Angeles, browse this site.
What does a merchant service provider appear like?
A merchant service provider offers a variety of products and services designed around the acceptance of payments of all kinds.
These are the people who set you up with a merchant account and sell terminals, set up POS systems, assist you to combat chargebacks, offer online invoicing capabilities and sales information - - you know what you need. What each merchant service company offers is unique to them however, they all serve as a bridge between your company and the world of processing payments. They should be your go-to resource for all things related to payments.
It's all right! On to the questions.
Before you sign a contract, inquire with an Merchant Services Provider
Are there any setup costs?
Some MSPs do. Some don't. Find out why it's so steep.
Do you charge cancellation fees?
If you're not a business with a 7-8 figure turnover with a turnover of $100k or more every month, you must never partner with a business that has cancellation charges. Why should they charge cancellation charges if they're not able to earn your business every month?
Does the contract really last?
Similar thought. There are plenty of bottom feeders in the merchant services sector. This is how it is. However, anyone asking for a commitment for 5-7 years and a large cancellation fee is probably one of them. It is best to stay clear of them.
Do you have a processing or transaction quota for each month? If so What are the sanctions?
Another warning sign. Merchants might charge you more if you have a bad month. We think that's ridiculous at Tidal because they earn cash for every transaction they make - meaning they earn more during your positive months. This should be a partnership and not one where the merchant service provider can beat you back when you're struggling.
Similar to this Is there a limit on transactions? If so, what are the fees for surpassing it?
The same concept. Already earning more money! Why should you be penalized?
Is there a member of staff who could assist me with chargebacks?
Chargebacks are the perennial issue for merchants, and reputable MSPs like Tidal offer a chargeback assistant to fight chargesbacks and fraud by customers.
How does your company approach PCI Compliance?
PCI compliance does not necessarily mean that you have PCI-compliant programs. PCI compliance encompasses a whole little world, and some merchant services providers leave it up to you while others actively equip with the most effective software and resources. It should be the former.
If they have a low cost of entry, why? Where do they earn their money? And why shouldn't they simply have a benchmark percentage they can trust?
Here's the offer. No one gives away software, hardware or ridiculously low payment processing fees without knowing that they'll take it and put it in another place. If a rate or deal appears too good to be real, it is. This is where you look out for fees more than anywhere else. If someone gives you free terminals or a 1.5 percent flat rate, they're making money off you or will go out of business very, shortly.
Are you eligible for breach assistance?
Certain Merchant Service Providers such as Tidal provide breach assistance in the event of PCI compliance violations. This is super nice to keep in your back pocket in the event that you're responsible for breach.
What kind of software and hardware do you offer or offer?
The top merchant card processing service providers equip users with the hardware and software you need -including everything from PCI & HIPAA compliance dashboards to sales analytics, and even smart, mobile terminals. Be sure that the MSP you're considering has everything you need at a reasonable cost.
What type of technical assistance are they able to provide?
Nothing is more annoying than experiencing an outage in the middle of a busy day and then your service provider not helping you. Technical support is always available.
Are they flat rates? Flat rate or a combination? Interchange plus? Both? Which one is best for your company?
Your MSP should review your statement with you and decide what's best for you. There are many factors that can make businesses different. The type of transaction you make and frequency will determine which pricing model is the best one for you. It is important that your staff do the research to answer that question in detail.
Core Payment Solutions
6513 Hollywood Blvd.
Suite 211
Los Angeles, CA 90028
Phone: (323) 332-9423
|
|
Oh_Man -- NimoStar
Moose -- Dem0n
Symmetry -- Roy