Merchant Account Alternatives (And Why You Want to Avoid Them)
If you’re not yet convinced that your business should be using a merchant account, it might be time to look at your alternatives. Today’s market is filled with so-called “handy” apps an tools that help merchants keep track of their transactions and receive the funding necessary to keep their business moving forward.
Take a look below at some of today’s most popular merchant account alternatives and why they just don’t measure up.
Square – Square is one of the most popular payment options used by merchants today. While the app and corresponding payment gateway are relatively easy to use, the latest customer reviews aren’t happy about how Square has been running their business. The majority of reviews state that the company has a serious lack of customer service, and that solutions to customer complaints are in short supply. There have also been many reports of Square withholding funds and shutting down customer accounts without cause. Not cool, Square.
Checks and Cash
Checks and cash are relatively simple solutions when it comes to getting paid. They don’t require any kind of payment gateway and offer a lot of flexibility when it comes to customizing your payment. However, more and more studies suggest that checks and cash are slowly becoming a thing of the past. Economists report that a mere 8% of the world’s currency is physical, while the rest exists in the form of digitized funds. Not only are you limiting your business to the use of antiquated payment methods, you’re also subjecting your business to an antiquated payment tracking method.
Third Party Providers or Payers
Third party providers such as PayPal are a popular choice for small businesses with a low transaction volume; however, more and more businesses are finding that third party payment options aren’t all they’re cracked up to be. One of the most common customer complaints involving third party payment providers is hidden fees. While companies like Paypal claim to help small business, they actually keep a sizeable chunk of your revenue for themselves. They also force strict rules regarding the number of transactions your business is allowed to handle, and leave sellers vulnerable to fraud and security threats.
Vision Payments works tirelessly to provide our clients with a merchant account that suits all of their needs. If you’re a merchant or small business looking for a reliable, efficient way to process your payments, let us take care of you. Contact Vision Payments today to find out how we can help you and your business succeed.