For business large and small, getting paid is a critical piece of the equation to making your business a success. Of course you need a good or service to sell and customers to sell them to, but getting paid is just as important. Customers today want options, whether it’s Credit Cards (most likely), PayPal, Venmo, Zelle, ApplePay, or maybe even cash or check! If you’re a small business getting started, you’ll want to think through and get setup with a merchant service provider.

Merchant service providers help operate and grow businesses. They simplify payment processing and manage Payment Card Industry (PCI) compliance, which is the law mandating what security measures you must take if you’re accepting credit cards. Of course most small businesses can’t navigate those rules themselves, which is where merchant service providers (MSPs) come into play. MSPs also assist in organizing your financial data, so it’s important to find the right one for you!

Having a merchant account helps you streamline the payment process for customers. It’s probably no secret that the vast majority of your customers are going to want to pay with a credit card. In fact, 70% prefer credit card payment vs. cash, you offer them a great convenience. Accepting more than just cash will help you increase sales. Are you trying to figure out which merchant account providers you should use? Read this article to learn everything you need to know to choose.

Customer Care

People might not remember what you sold, but they remember how you made them feel. Just like you want to give your customers prime customer service, you need a provider who’s easy to work with. Great customer care goes a long way.

Top-notch providers offer communication via phone, email, and chat. They’re also equipped to do remote access processes for problems you can work through. A good provider handles every account concern like it’s their first priority. Call-backs for general questions should take no longer than 24 hours to answer. And, they should be well-staffed to handle after-hour concerns. 

No service provider is perfect and there will certainly be a time when you need them, and when you need them you’ll really need them as it’ll be an issue with being able to accept payments!

Robust service offerings

Today’s consumers want options, and at a minimum, we want to take our time shopping on your site. Online shopping carts help customers stay organized when they’re shopping on your site. It allows shoppers to put a hold on the right size, color, and quantity of the product they want.

Look for an MSP that offers simple integration of the cart into your site. The cart should provide features you need and that are beneficial to your customers. It should also digitally connect and mesh with your payment gateway and merchant account.

You’ll also want to consider options like discounts, coupons, multi-product packages, warranties etc. You may not need them now but you might later, so pick a provider that will grow with your business.

More Value for the Cost

Merchant services aren’t free, but they shouldn’t deplete your bottom line either. Definitely don’t do business with a provider who’s not upfront about the cost of their services, and don’t pay more for something similar than you have to!

If the services offered fall on the expensive side, make sure you’re getting more than average. If they’re charging for the exact service as other providers but for a higher price, keep shopping around.

The cost for basic merchant services should be reasonable and almost the same across the board, regardless of the provider. The only time you should pay more is if you’re getting more. In the end, it’s your customers who benefit from the services.

Flexibility

New business owners spend a fair amount to get started in business. Paying for different products and services can set you back financially. Choose a provider who offers flexible options. 

If your business can’t commit to a long contract, they should have other contract options to serve you. Look for no contract and short contract providers. If these options aren’t available, chances are they aren’t a great fit.

Make a decision

Merchant account providers do so much for startups and add value to thriving businesses. Consider these points and choose the MSP who’ll contribute to your company’s success. At the end of the day you need to accept credit cards, so don’t agonize for too long while making a decision and definitely don’t let it slow you down getting started!

Want to learn more about finance? Learn the three cardinal rules and take personal finance to the next level.

Disclosure: Some links are affiliate links that earn me a commission.