When it comes to hiring any company to work with your business—a vendor or supplier, for example—there are certain questions you should always ask. Well, your credit card processor shouldn’t be any different. Peppering potential companies with the right questions will not only inform you about the operations and other critical aspects of their business, but their demeanor during these inquiries—and any details they do not openly volunteer—can be just as insightful.
Remember to address these specific concerns head-on to ensure you choose the best option.
Here are 10 questions to ask a credit card processor when considering opening a merchant account or switching providers:
What fees are you going to charge me?
Credit card processing statements can be extremely confusing. There are so many fees to review that you may not completely understand their purpose. Several may not even really have a purpose, as your processor is simply trying to bump up the price of its services and make more money. Asking a company about the specific fees you will be charged, as well as knowing the most common unnecessary or hidden fees, will give you a better understanding of its priorities.
What markets do you serve?
You want to choose a processor that has experience serving other companies within your industry, whether it's the professional supply, education, hotel and hospitality, restaurant, retailer and storefront, moving and storage, home oil heating, or e-commerce sector.
What credit card processing solutions do you offer?
The Payeezy system and Clover® Station are among the several POS and mobile terminal solutions a credit card processor should offer its clients. Additionally, the right company will be able to inform you about the benefits and drawbacks of each in regards to your business model and industry.
Are your credit card processing solutions EMV-compliant?
EMV technology helps protect consumer card data and safeguard against fraud. The EMV liability shift for retailers in the United States, which occurred October 2015, officially made non-EMV-compliant merchants responsible for in-store fraudulent card theft. As a result, businesses that have not yet adopted EMV technology are at risk of increased fraudulent activity and chargebacks. Their reputation among customers may also suffer, since many consumers now use EMV cards. So, be sure to bring this up when speaking with a processor.
Will I get next day funding for all card types?
Some businesses can only get next day funding on Visa, MasterCard and Discover, but not American Express. That's why it’s important to ask a credit card processor about the card types it processes and whether it can deliver next day funding for all card types.
Are there any installation or set-up fees?
Relating to our previous point about hidden fees, you should not have to pay your processor any installation or set-up fees. Since not every merchant knows to ask this, however, many end up having to ultimately pay for this service.
Do you offer online reporting services?
Processors offering online reporting services value transparency, as these grant customers 24/7 access to their merchant accounts. Still, remember to ask about price—this service should be free.
Can you tell me about the different pricing options you offer?
It is critical for a processor to provide various pricing options, including tiered pricing, flat-rate pricing, and interchange-plus pricing, so don’t forget to ask for detailed descriptions of each, and inquire about which would be the best for your business.
What other services do you offer?
A credit card processor shouldn’t just enable merchants to accept card payments from customers—they should make running your business easier in other ways, too. This includes, for example: access to customer support professionals, next-day funding, training services to help you with your new credit card processing solutions, and other additional services.
Can I contact customer support any day/time?
The right processor provides 24/7 customer support to ensure you always have someone to turn to if issues arise.
MerchantPro Express specializes in offering merchants in various industries premier credit card processing services. Contact us today to find out how we can help you and your business!
The Clover trademark and logo are owned by Clover Network, Inc., a First Data company. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners.