When it comes to choosing a merchant account, you may not know where to start. Every merchant service provider is going to tell you that they offer the best merchant account with the most exceptional rates. But they can’t all be the best. Fortunately, you can narrow down your options and make the right decision for your small business.
Do Some Research
Most business owners need a merchant account, but they don’t always know what they’re paying for, which can make choosing a provider more difficult. When you understand what the service is, you’ll be able to recognize its importance and what red flags to watch out for as you search for the right provider. So, learn what merchant services can do for your business, as well as the varying rates and fees involved.
Know the Right Questions to Ask
Sometimes it’s not about the information the providers give you, but what they leave out. Once you get a good grasp on how a merchant account can enhance your business, then you can come up with useful questions to ask about what they offer.
Here are a few questions to remember:
- What credit-card-processing solutions do you provide?
- Are you EMV-compliant?
- What processing platforms and funding banks do you work with?
- What is interchange?
- Is there someone I can contact with other questions at any time?
- Do I pay a set-up fee?
- How long will it take before my business can start to accept card payments?
Speak with More Than One Provider
Imagine only looking at one house before making an offer on it or seeing only one college before sending in your application? You have no idea how they differ from their competitors. The same applies for finding the best merchant account for your small business. Don’t just go with the first one that lands in your lap. Shop around. Compare and contrast. Even if you’re unsure how to compare the different quotes you get (credit card processing pricing can be very confusing!), letting your prospective providers that you are soliciting multiple bids should drive them to deliver you more competitive ones. It may be more time-consuming but you’ll know all your options. Then you can make an educated decision based on what each provider offers.
If you know other small business owners, don’t hesitate to ask them for their input. Whether they’re really happy with their merchant account or extremely unsatisfied, they can share some very helpful information so you can find the right one for you.
Not sure if you need a merchant account? Learn about the benefits of receiving merchant services.