Tuesday, February 1st, 2022
In need of a merchant account? A very common approach to securing a merchant account provider is to consider price and base the decision solely on that factor. Of course, getting competitive rates is important. But there are many other things you should consider before partnering with a provider.
What Is a Merchant Account?
Fully understanding what a merchant account really is will help you choose the right option for your business. Especially if you are a new business owner. Essentially, a merchant account is a type of business bank account that allows your business to accept and process electronic payment card transactions.
Because many variables are unknown when it comes to merchant accounts, even business owners with years of experience struggle to truly understand them enough to successfully negotiate and choose the best option for their needs. There are many technical capabilities, security and compliance implications and rate disclosure practices that should be considered.
The level of customer support the provider offers is also important. The most critical element of all, however, is whether or not they specialize in working with your business type and industry. The challenges, trends and needs of each industry are very different; they should have years of experience in helping businesses like yours, and have products and services to match.
Processor vs. ISO: Who Should You Work With?
You might’ve run across two types of providers: processors and ISO’s. The difference between the two is pretty straightforward, ISO’s are simply resellers for processors. In some cases working with an ISO can be even better when it comes to high-value processing solutions. Just make sure the processor you work with understands your unique needs.
Consider More Factors than Just Price
As mentioned, there are many other factors to consider. Price should not be your primary decision-making factor. Knowing that many business owners take the leap based on price, most appeal to your needs with numbers that do not include all rates and fees. It’s important to see through these ‘creative’ selling strategies and read the fine print.
You need to look even deeper and find out what exactly they offer in goods, services, and support. For example, if you own an online company, you will likely need credit card storage, a payment gateway, a virtual terminal, and risk and fraud management. You want a provider that can do/provide all of these things – and do it well.
One great way to ensure the provider you’re considering is an industry-leading company is to browse the helpful reviews Best Payment Provider offers. Discover the merchant service provider that meets your unique needs and has a reputation your business deserves.