What Questions Should You Ask a Merchant Services Representative?

Credit card acceptance provides a safe and convenient method of payment for retail shoppers. Whether a business is just getting started or has primarily accepted cash payments from shoppers, now is a great time to review some of the benefits of electronic payments. Valued Merchant Services shares some insight about questions that an entrepreneur should ask a merchant services representative.

How Long has the Merchant Services Provider Been in Business?

A merchant services provider that has operated for less than a year or two will have a limited amount of credit card processing experience. With a business track record that exceeds five years or more, a merchant services provider will have extensive levels of experience, valuable industry contacts and many references.

What are the Fees for Payment Processing Services?

Merchants are assessed a fee every time an electronic payment transaction occurs.

Therefore, when shoppers perform a dip, swipe or a tap to pay for items with debit cards and credit cards, the merchant is charged a service fee.

Fees for credit card processing will vary among companies that provide merchant services.

Entrepreneurs are encouraged to compare the rates from several companies when shopping for low-cost credit card processing.

Also, it is essential to inquire about equipment costs and any ongoing monthly fees that a business would be required to pay.

How Long Does Funding Typically Take?

For small business owners, cash flow is critical for payroll, supplies, inventory and for other expenses. Since having access to funds is important, a business owner should inquire about the average time frame that it takes to process daily credit card payments.

Understanding how long it takes to receive funds from card-based purchases can enable a business owner to plan accordingly.

Are References Available for the Company?

Using several references that are obtained from a merchant services representative or via online reviews, a business owner can get some general feedback from existing or former customers.

Positive comments may indicate that a merchant services firm is trustworthy and easy to work with, while a lot of negative remarks could be a warning sign for trouble ahead.

Reviewing references for several companies could improve a business owner’s opportunity to work with a reputable credit card processing service.

Is Support Available Around the Clock?

Knowing that a merchant services company offers 24/7 support before signing a customer agreement is important.

A business that operates around the clock during the week and on weekends may be able to provide quick solutions, if an urgent matter arises.

It will be extremely frustrating for a business owner who has a credit card processing issue on a Saturday, where the merchant services company is unavailable until the following Monday morning.

Does the Merchant Services Provider Offer PCI Compliant Payment Support?

The Payment Card Industry Data Security Standard was established to protect business owners from unpleasant electronic payment experiences.

The standards were designed to minimize fraud and scams from hackers, unauthorized users and other financial predators.

Using secured credit card processing technologies, such as EMV-chip card readers and contactless payment methods can reduce point-of-sale losses.

Businesses that enjoy the convenience of credit card acceptance without subscribing to PCI compliant standards may incur ongoing fees until the recommended safeguards are incorporated.

What Types of Payments Are Accepted?

High-quality merchant services are available to process virtually any type of electronic payment. Established merchant processing companies generally have access to a variety of terminals and card-reading devices.

Speaking with a merchant services representative about support for credit cards, debit cards, gift cards and loyalty cards is a wise approach for a business owner who wants to offer consumers a variety of payment options.

How Long is the Setup Process?

The setup time to begin accepting electronic payments will vary among merchant services companies.

Getting some feedback about the setup time frame will enable a merchant to prepare for credit card acceptance.

Speak with an experienced merchant services representative today.

Contact Valued Merchant Services for information about secured payment processing services.

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