Five Questions for Your Merchant Account Provider
Every merchant account provider has a unique set of services that require attention before signing up with them. Finding the right merchant account provider is an involved process that calls for both research and attention to detail. If you’re in the market for a new provider, here are a few questions you should be asking before you sign on the dotted line.
1. How is Your Customer Support?
You never know what kind of situation you might need help with. Make sure you payment processor offers the customer support you’re looking for. Your best bet is signing up with a company that provides 24/7 services with live support. Live support can come in the form of face-to-face, phone, and live chat. If you want to make sure you’re getting the service you’re looking for, make a test call to see how long it takes to talk to an actual person.
2. Are you PCI Compliant?
PCI compliance is enforced by the PCI Council. These standards ensure that merchants and merchant account providers are following best practices. Non-compliant companies can actually face substantial fines for neglecting their PCI compliance, and might affect how your company does business in the long run. If you find that your prospective merchant account provider’s services are in violation of PCI standard, do not do business with them.
3. What is Your Security Like?
Credit card processors are no stranger to the widespread threat of fraud. With recent changes to credit card liability laws, you’ll want to make sure that your account is protected against all forms of fraud.
4. Are Your Services Compatible With My Shopping Cart?
Your payment gateway, or the software that connects your shopping cart to your processor, is a vital part of your operation. Every merchant account provider’s software is different, which might mean that it isn’t compatible with your online shopping cart. According to experts, most processors work with Authorize.net, which provides software that is universally compliant.
5. What Kind of Fees Will I Be Charged?
Hidden fees can be both annoying and costly. Will you be facing monthly charges? Annual fees based on usage? Experts suggest that merchants should pay no more than $200 annually on additional fees. Online merchants can expect to pay a little more at $300 annually. Ask your potential merchant account providers about any additional fees that they might require, and find out what specific actions on your part might lead to additional charges.
Contact Vision Payments today at (877) 674-2286 to find out more about what you should be looking for in your merchant account provider. We’ll walk you through the process and help answer all of your questions so that you’re well-informed about your merchant account.