Accepting credit cards is a necessary and accepted standard of business. Credit cards make it easier for customers to pay for goods and services, and many cards offer the customer perks for using their card, such as air miles or cash back. But for the merchant, accepting credit cards has traditionally meant waiting for the money from sales to process and be available in their business account. By using a merchant account that offers a next day funding option, it is possible to get those deposits faster.
The merchant services account is the account any business needs in order to process credit card transactions. It works between the point of sale and the merchant’s own business account by communicating with the customer’s credit card bank to receive approval for the card transaction. Once approval is received, the merchant services account deposits the money from the sale into the business account.
There are other fees associated with setting up your credit card processing account, and these fees can add up to an large initial expense. Look for a Merchant Services provider that includes all setup services for free. This includes charges for setting up MasterCard and Visa, as well as debit card processing. Some providers charge a separate fee for American Express, and for accepting checks (by web, fax and over the phone) – find a provider that includes these fees. Also, providers that offer next day funding allow your business to have your profits in only one day, without the 2 – 5 day wait others have.
Today’s business is not done strictly in an office or a store. A percentage of your customers are going to come to you over the internet, or on location at trade shows or other ‘on the road’ places. Check to see if a Merchant Services provider charges extra for a web shopping cart, or if it is included. Also, with the fantastic advances in mobile credit card processing with iPhone, be sure your provider is compatible with the new technology and supports both typed and swiped phone transactions. Some providers charge a lower rate for swiped, or ‘retail’ transactions. Be sure yours offers this option.
Most of all, look for a Merchant Services provider that will be available 24/7 for support. When you need assistance you need it, whether it’s during traditional business hours or not! Look for a provider interested in a true business relationship, that will support your business and enhance your success.
