How to Choose a Merchant Service Provider for Your Business
Finding the right service provider for your business helps you with lowering costs and credit card processing fees.
What is a Merchant Service Provider?
For a business transaction to go through, you need a merchant account that keeps all the money once your customer’s payments are successfully processed. A merchant service provider sets up a merchant account for you which then allows you to process your customer’s credit card transactions, and transfer the transacted money into a business account for you.
To know if a merchant service is a right fit for your online business, there are a few features you should consider.
The Pricing Plans
Most merchant account providers offer a single pricing plan for everyone and charge an extra amount for keeping the accounts open or closed during certain months This makes it difficult for smaller and seasonal businesses as the maintenance fees for the merchant accounts just add up to such high notes that the businesses can’t afford it. Check out providers that charge flat rates monthly or carry monthly packages and plans.
Check the Mode of Payment
Most providers have both in-person and online processing for payments. Be clear about the way you want the payments to be processed as most providers charge more for online payments as compared to swiping of cards. If you’re a physical store, look for a merchant that can get you a personalized POS terminal as well. For online businesses, choose a provider that gets you a POS system and a payment gateway.
Look for PCI Compliance
PCI compliance ensures that the customer credit card and identity data you use is secured both physically and virtually. The physical restriction includes restricted access to the storage and servers while virtual restriction includes authentication, encryption, etc. A PCI compliant merchant will create a secure network for your business, ensuring the safety of your customer’s payment data.
Good Customer Service
The merchant service provider you choose should be available 24/7 to assist with any issues, queries, and help with the opening or closing of accounts. The company should promise security, transparency, and a staff that is there to help your business whenever needed.
CardLogic is merchant service provider offering comprehensive and reliable integrated payment solutions for online businesses. From cloud-based retail POS systems, credit card swipe machines to credit card processing, we provide it with all.
Contact us now to learn more about our payment processes.
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