Signing up for a merchant account should be simple, after all it’s not much more than an account that allows you to accept credit card payments. However, setting up merchant credit card processing online is anything but easy. Each merchant account provider will offer different services, features, security measures, rates and fees, and software compatibility.
When you research various merchant accounts you should ask a wide range of questions, here are five questions you need to include in your payment processor search.
What Support do You Offer?
Asking about customer support might not seem like the most important question to ask, but if a problem arises you’ll want to know if you have email support, phone support, and if it’s offered 24/7. When you have merchant credit card processing online you’ll be accepting payments at all hours of the day. You want to ensure that if something happens at three in the morning you’ll be able to speak with someone who can offer technical support and remedy the situation immediately.
What Security do You Offer?
Online security breaches and fraud are real concerns for business owners and online shoppers. You want to provide a service that offers peace of mind for your customers. Ask questions about security provided. Is their payment system PCI compliant? Do they offer fraud protection? What is their track record for stopping and/or dealing with security issues?
What Are Your Rates and Fees?
As a business owner, every decision you make impacts your bottom line. Merchant credit card processing online is a great convenience, but it obviously comes with associated costs and fees. Before you agree to terms with a merchant account provider, you need to know exactly what it will cost you. That means understanding all of the rates and fees. Some payment processors offer fixed rates, others offer variable rates. Some come with monthly fees, setup fees, or other recurring costs. Some charge different rates for different types of cards. Make sure you truly understand the rates and fees you’ll be liable for before you agree to a contract.
Is There a Cancellation Fee?
In the same way you should understand associated costs, you should know if there are costs to terminate your contract should you decide to switch merchant accounts. Most payment processors carry a small termination fee, however some contracts stipulate a liquidated damages fee that will charge the estimated amount of the full contract. Don’t agree to a contract you can’t reasonably get out of.
Is it Compatible With My System?
If you already have an established website or you have shopping cart software you plan to use, you need to know if your merchant account provider is compatible with it. Having merchant credit card processing online is a great convenience for your customers, however you want to make sure that your shopping cart is a seamless process so you don’t lose sales at checkout.
When Do We Start?
There are so many questions you need to ask when choosing a merchant account provider. Ultimately, you want a provider that offers great customer support, state of the art security, reasonable rates and fees, and is compatible with your system. Allied Wallet is an industry leader in providing payment processing and online payment solutions. Call today to discuss these 5 questions and any other questions you have. Let’s work together.