As a business owner these days, it is almost a necessity to accept electronic payments from customers. In order to have credit card processing, merchant accounts are needed. It is not smart to pick any random provider because your business could suffer if the merchant is not a good fit. There are some factors that can help you choose the best provider.
Avoid choosing a merchant based solely on some advertising gimmick. The merchants you are considering should have a good reputation. They should check out with the Better Business Bureau. Keep in mind, however, that there are bound to be at least a couple of negative remarks or complaints from previous clients that had an issue and it may not have been resolved to their satisfaction.
Customer service should be another factor you use to help you choose. Providers for merchant accounts need to have customer service in place. You should have access to a toll-free phone number to call and speak with a representative if you have questions or problems. Additionally, be aware of the hours you can reach the customer service or support departments.
Find out what fees are associated with merchant accounts from each provider. Look for promotional rates and hidden fees. Avoid providers with these sneaky practices. Also, stay away from providers that have abnormally low rates and fees.
Determine if there are volume caps. Some providers put restrictions on the volume of credit card processing and other electronic payments you can accept in a month period. An overage of a cap means you get stuck paying extra fees. This can be damaging if business picks up and you have more processing needs but you have already exceeded your cap.
In addition to the other factors, you should gather information about how long the provider has been in business, if they have the type of processing equipment you need, and if they offer the specific processing type you desire. Some providers do not have the ability to handle Internet and phone payments. It is also important to find out their billing procedures and the time it takes for your transaction amounts to be deposited.