Selecting A Merchant Account Provider
Choosing a merchant account provider can be an overwhelming experience. That’s why we’re going to provide you with the inside information you need to make a wise, well-educated decision for your merchant account provider needs.
First, consider only authentic merchant account providers and stay away from banks. There is no advantage to going to your bank – in fact, only a disadvantage. In today’s digital world, banks are – compared to merchant account providers – obsolete, and they aren’t up to date on the latest technology in merchant accounts, especially regarding website ecommerce and wireless processing, which Vision Payment Solutions provides. In addition, banks that offer merchant accounts typically outsource the work to a merchant account provider. As a result, you are better off going directly to a merchant account provider and ignoring the bank altogether.
Selecting the right merchant account provider can be tricky, but follow these tips:
First, find a provider that has a proven track record. Check their Better Business Bureau report. If there are numerous complaints about a certain merchant account provider, then move on.
Then, see whether the merchant account provider offers some sort of guarantee of service. This way, you can try them out for a period of time and see if what they provide you with matches what they promised. Any reputable merchant account provider will give you a guarantee.
Third, look into their customer service and technical support. What do former customers have to say about them? Do they have a free customer service number? What are their customer service hours? These are all questions you should ask.
Next, check out their fees. Make sure they are reasonable, and one of the lower cost options out there, but also make sure that their merchant account provider fees aren’t too good to be true either.
You shouldn’t have to pay an application fee, setup fee, installation fee, or annual fee. Those are a lot of fees that many less-than-reputable merchant account providers will try to bill you for.
Also, consider your personal needs. If you’re going to be accepting a lot of international credit cards, ask your processor if that’s allowed. Some merchant account providers will shut down your account if you take international credit cards.
Lastly, consider other factors when choosing a merchant account provider, such as their business logevity, their technical competence, their contact information, any training they provide, and online reviews.
In short, choose a merchant account provider that meets your technical needs and has a proven track record, with thousands of satisfied clients. Additionally, verify that the merchant account provider offers excellent customer service and low fees, along with a guarantee.