Online payments have seriously gained in intensity lately. The number of online transactions goes up with every new year. Sooner or later, specialists estimate that online payments will take over cash payments. All in all, finding the best merchant services can be a bit challenging. It is in your interest to make the process convenient and consumer-friendly for your customers, but you do not want to make too many compromises either.
The best part is that setting up a merchant banking account is not such a big deal. In fact, it is straightforward and accessible. This is not the actual challenge. Instead, real issues occur when you have to choose the right merchant account provider. This is when your venture becomes confusing because there are countless options for small and online business people. Then, what are the key points when doing your homework?
Customer reviews introduce you to a new world
The online environment is both confusing and complicated. The offer is so broad that you can find all kinds of deals. There is also a good thing – information spreads pretty fast online. Nothing is perfect, so you will find negative reviews regarding any kind of service. As a general rule of thumb, you should never trust testimonials and reviews available on official websites. After all, no merchant account provider will allow negative words on their website. Instead, check independent discussion boards and forums. If most reviews are negative, you should look elsewhere. Keep in mind that customer reviews do not always represent your best choice. After all, some unhappy clients may have different necessities, so their concerns are irrelevant to you when interested in a merchant banking account.
Fees and costs represent a critical factor
Sometimes, the best merchant services are chosen with fees and costs in mind. From a business owner’s point of view, a provider represents a necessary evil. Sure, the merchant will try to gain as much as possible from this collaboration. On the other hand, you want these fees to go as low as possible. As a direct consequence, you two need to make some compromises and find a middle solution. Try to find out as many details as possible about potential extra fees. Hidden fees can turn a good offer into a challenging one. Do not be afraid to ask all kinds of questions, regardless of how dumb they seem. If a provider wants to deal with you, they should offer all these details.
Fees can go in a few different directions:
- Percentage based
- Transaction based
- Weekly or monthly fees
