6 Strategies for Selecting a Merchant Account

The days of bartering for product & services are no more alive. Also, ‘cash is no longer the king’. What? How is that possible? Are these questions pondering over your mind? If yes, it was expected. Cut all the clutter you are filling your curious mind with and take out a few minutes to carefully read the below content.

Looking at the modern day, it can be concluded that customers prefer comfort & convenience over everything. Keeping physical cash all the time and everywhere annoys them. Why? Because they find credit and debit cards more friendly & dependable. With that, it gets clear that businesses as well as brands must opt for merchant services, something that starts with an established merchant account provider. However, unless they know the right way to choose the right account, meeting customers’ expectations can’t be imagined.

Simplifying the daunting task, here are some words of wisdom for all the brands who want to impress their consumers, accelerate the sales & grab increased revenue.

1. Maintain Distance From Banks

Start chanting this magical rule right away. Instead of a bank, look up to a true merchant account provider. Reason being, most of banks outsource merchant account services. Why include a middle man then? Moreover, these financial institutions do not stay tuned with latest technology, which is why they don’t offer the trending solutions. Opposite to these are merchant account providers who process credit and debit cards along with processing of EBT (Electronic Benefit Transfer), loyalty cards and gift.

2. Partner With Provider Who Has Proven Track Record

Before finalizing the account provider, it is important to check the Better Business Bureau’s website and take a back seat from clients who have complaints and negative feedback in their kitty. Checking other businesses for recommendations about providers also makes smart sense.

3. Research Customer Service

You can’t turn your back to this one. Determining company’s customer service area is crucial for long-term perks. Don’t forget to check if there’s a toll-free number to connect with the executives and ask them questions, doubts or concerns. What are the working hours? Whether or not the experts are available to address the concerns?

4. Check The Fee Structure

Fees differ from company to company. Check with each & every provider to know about their fees and whether they are genuine. Make sure finding companies with fair and affordable fees. Be very careful because most of the professionals sugar coat their words to trap you in their services. They will promise low fees but the real charges would be much more down the road. Want to know something more? These companies have terrible customer services too.

5. No Volume Caps

The chosen merchant account provider must not have any caps on the transaction volume. Talking about the situations, if a business is enjoying a rewarding month with sales hitting the target even where there are two weeks left in the month. Sadly, credit card sales stop processing any further all of a sudden. Now this would harm the business in the worst ways. Therefore, while choosing the provider, it is a required to ensure there ain’t any caps in volume.

6. Lather, Rinse, Repeat

Though asking the same questions seems annoying and is awkward too, the benefits are worth doing it. When all the facts are cleared before finalizing the provider, fruitful results are assured. Some of the common questions to ask include:

> How long they have been in the business?
> Do they work as per the cutting-edge technology?
> What is their customer service success rate?
> Are they compatible with all industry-type or deal with specific ones?
> Do they handle chargeback?
> How quickly they fix technical issues?
> Do they provide services to high-risk business too?
Here’s The End

These are some time-tested & proven tips every passionate business must follow when choosing the merchant account. As these services are dominating the world currently, their influence will double-up in the coming years. Realizing their potential and starting with them on the right note is the path towards name, fame & glory across the globe.