Whether you’re a large or small business, credit card processing is a must – especially when you’re doing business online. In fact, if your business doesn’t have any brick and mortar base, then you only be using credit card processing providers. Here are a few tips to choose one that’s right for you.
1. Transaction Speed, Analytics, and More
The basic services that merchant account providers offer is credit card processing. However, there’s always more to it than that. Reviewing service standards, such as transaction speed, is especially important. According to Essential Retail, shoppers expect transactions when they’re shopping online to be near instantaneous since people often comparison shop in multiple windows for the same merchandise. In addition, most payment providers will also offer analytics and data analysis for your business – which is essential data for how to manage inventory and customer’s buying patterns.
2. Affordability with Reliability and More
Balancing budget with expectations is one of the most challenging processes when you’re looking at providers’ retail merchant account rates. A good way to balance these two things is to find a company that offers robust service packages such as digital marketing services in addition to just the merchant account rates. Also, a merchant account company that been around for at least a decade. This is an indicator that they’re reliable and efficient.
3. Commitment Flexibility
Although many merchant processing providers will try to convince clients to sign on for long-term contracts, looking for a company that allows flexibility can make a big difference for SMBs. You may not have the business or you are a start up business and you do not want to commit for a long period of time. Always consider in advance the length of commitment you want to make.
With hundreds of merchant account providers on the market today, it can be daunting to try and choose one that’s right for you. However, using these three simple tips will make it easier to sift through the possibilities.
