5 Smart Tips on Choosing the Best Merchant Account
- Check their pricing
You’re running a business, so you want to keep your costs as low as possible. Look for a payment processor that guarantees the lowest cost.
- Find out their turnaround time
Speed is essential in online payments. Delays at the bank level can affect your cash flow, and delays at the customer level can panic customers and make them cancel the transaction, which can lead to chargeback fees. Find a processor that gives you instant customer verification, and normally passes the money to you within three days.
- Ask about encryption
To ensure your customer’s card data is safe and reduce the risk of identity theft, phishing, skimming, and card fraud, top level encryption is essential. A merchant processor that uses military-grade encryption is ideal. Check that they are PCI compliant, and that their platform has SSL certification. Add points if they extend that SSL to your online store.
- See what payment options they accept
The options that customers use to pay are expanding every day, so be sure your merchant account is enabled to accept all of them. In addition to credit cards, you may also want to accept e-checks, ACH / EFT, or debit cards. If your provider offers portable card readers and mobile apps, you can receive payments in person, on phone, by email, or online.
- Confirm eligible credit scores
Some merchant processors are very strict. Others are more supportive and will work with ‘high risk’ businesses, low credit scores, or bad financial histories like bankruptcy or previously failed enterprises. Ask questions to be sure your merchant account provider accepts businesses like yours.
For more information on choosing the best merchant account, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.