The Merchant Services account is one of the most important accounts a business will need to establish. Merchant Services allows a business to accept credit cards for payment, whether you do most of your business online, in a single location, or on the move. Your merchant services account processes cards by communicating with the issuing bank, and finishes the transaction by depositing the money into your business account.
Choosing the right Merchant Services Account for you is important, and there are several factors to look at when making your decision.
First consider how your account is established. Choosing a merchant services provider that can offer instant account approval, rather than taking up to two weeks to process your application, is a benefit. If you are ready to do business now, you need fast approval. Save money by choosing a provider with no application fees.
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.