Business owners know how important it is to look over their finances and productivity on a regular basis. Keeping your business running in tip-top shape takes time and commitment. Your merchant account should not be any different. Many times, once the merchant account is set-up and the equipment is programmed, the account is forgotten about. This is called merchant degradation. Invest regular “check-ups” in your merchant account to be sure it is as fit as a fiddle. Don’t stop paying attention. Your merchant account must represent your business and be customized to your individual needs. Rates, fees, rules, and regulations change over time. Regular check-ups and modifications will ensure you are getting the most out of your merchant account without overpaying. Start your merchant account workout by taking a look at the following:
Important Notices
Keep yourself knowledgeable about changes to your merchant account by regularly looking at the Important Notices Section on your statement. Different processors may name it something different, but it is required and should be on each statement. This section will notify you of any changes to your account: Rate increases, regulation changes, and reprogramming requirements. Stay on top of your monthly statement and call your merchant account provider with any questions.
Software Updates
Software for your credit card terminal is evolving at phenomenal rates. Failing to keep up with the latest software could be secretly hurting your company by causing downgraded rates and unnecessary downtime. Your merchant account provider should be informing you of software releases that pertain to your business in the important notices section on your statement. Security updates from Visa and MasterCard may require you to reprogram your equipment. Failure to comply may cause transactions to be processed at a higher rate. Generally reprograms can be performed quickly and easily.
Customization and Innovations
Stay on top of your merchant account profile. Your merchant account profile includes which rates and fees are the most important to your business and where the majority of your transactions are placed: qualified, mid-qualified, or non-qualified. Your businesses processing volume, average ticket, and seasonality occurrences will also impact your merchant account profile. Any changes to your profile must be taken to account to ensure that your merchant account will remain intact. Diverting to far away from your profile can cause unnecessary fees and freezing of your merchant account. Keep yourself knowledgeable about all the latest and greatest gadgets available for your merchant account. Credit card terminals and related equipment are changing at light wave speeds. What seemed impossible 1-year ago is now available and making the lives of merchants and consumers much easier. Wireless credit card machines, thermal printers, iphone applications, and contactless payments are saving the business owners time and money, while being super convenient for the consumer.
Online Reporting
Online reporting is an essential tool that must be made available to you. Having the ability to look at your merchant account transaction online 24/7 gives the merchant the ability to reconcile their merchant account, research transactions, check on funding, investigate charge backs, and run reports in real time. Online reporting can also eliminate your monthly statement fee, with the added bonus of helping the environment. Not all online reporting is created equal though. Ensure that your merchant account online reporting tool has a secure login and is accessible at your convenience.
Down-time
Take a good look at the amount of time you are unable to process credit cards because of “down-time”. The period of time that your merchant account is down and you are unable to process credit cards can cost you money. Occasional down time is to be expected with software updates, server crashes, etc. But if you are seeing a high frequency of down time, it may be time to look for a more reliable processor.
Customer Service
Most people take good customer service for granted until they are faced with bad customer service. Unfortunately, these bad customer services experiences tend to happen when we require the most service i.e. we have a problem that needs a solution fast or involves currency. Don’t wait until your funds are being held to find out that your merchant account processor’s customer service is lacking. Take the time to communicate with your processor, call periodically to review their level of commitment to you. Ask questions about your statement or important notices section, update your merchant profile, give feedback, or inquire about new equipment or services. Take that few moments to evaluate customer service.
Just as keeping your body in shape requires commitment and time, so does your merchant account. Don’t forget about it the minute your account is active and you have swiped your first card. Consistent follow through with important notices, software updates, merchant profile, new innovations, online reporting capabilities, down-time rates, and customer service experiences will provide your business with lasting results. With a small investment of time you can avoid merchant account degradation saving you and your business a lot more time and money in the long run.
