5 Things to Consider When Getting a Merchant Account
How do you pick a suitable merchant account provider for your business? Here are some tips.
- Type of business
Is your business service-oriented? Do you go to customers or do they come to you? If you have to accept payment in the field, you should consider mobile apps or electronic keypads. These allow the customer to pay on delivery, and are also helpful for site-based businesses like plumbers or electricians. Electronic keypads are also useful for restaurants, malls, or gas stations. Pick a payment gateway that offers these devices at friendly prices.
- Customer segmentation
Where do the bulk of your customers come from? If they’re mostly locals, cash could work for some of them, but if you have any buyers from out of town, you are unlikely to make many sales without a credit card option. Online buyers can only pay via check or credit card, whether they phone in their details or type them onto your online store. For businesses that run both online and offline, consider selecting a merchant processor that can manage both systems on a single platform. You may want to give them extra points if they offer tools that make this fusion easier, like free shopping carts, free portable card readers, and free mobile apps.
- Speed of transaction
In card transactions, speed is your friend. It leaves less time for hackers to intercept the transaction and steal customer details. Look for a payment gateway with instant customer verification. It reassures buyers, tightens security, and enables impulse purchases. Also, it helps if your payment processor can have the cash in your business account within just a few days.
- Data security
The scariest part of digital living is the possibility of losing everything in seconds. All your bank accounts, contacts, and personal details are available online in some form. And if the wrong person accesses your information, they could drain your account instantly, and / or leak information that could destroy your reputation. As a business, you don’t want clients tracing ‘the end of their life’ to something they bought on your site. Check that your merchant processor offers military-grade encryption and will provide you assistance with becoming PCI-compliant.
- Cost
Check the fine print, and then pick a merchant processor that guarantees the lowest price for their services.
For more information on things to consider when choosing payment processing solutions, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.