Choosing the right merchant account can end up affecting your business in ways you might not expect. You might not know it, but the best merchant account won’t charge you fees when you get your final bill. You might be shocked to see a number of fines you didn’t know you would have, and these can eventually add up. When your business needs to be run by using credit cards, knowing you have the right merchant account can ease your mind and save you additional cash.
Here’s how to know if you have the right merchant account working for you.
You know exactly what you are being charged for
When you get your transaction and bill history, you should know what each item is for and how it is assisting your business. You might be charged for not properly updating your POS system or not updating the necessary software in order to be compatible with new devices. If your merchant account provider has not alerted you to why you should be updating your systems and how this can be useful, then you need to reconsider whether or not they are doing their job.
You are alerted to security threats
One of the biggest problems a business can have when they perform transactions is a security breach. If you have taken care to update your systems and have done what has been requested by your merchant service provider, then you should not have to suffer the blame. They should be held accountable and give you actionable advice so you can mitigate the damage of having clients’ important information stolen. Likewise, if you have any questions when it comes to your account, they should be readily available to answer you.
More than one service is offered
Your merchant account provider isn’t just there to offer you a POS system and to determine if there has been issues with security. They should also be able to help you set up your new account, offer support, and alert you to any software changes you might need to be aware of. This isn’t just a one-and-done service. You should consider yourself their client and should be in contact with you often. If you find yourself handed a new payment terminal without any specifications on how you should run it, then you might consider making a return.
Your clients don’t have a problem
Your customers trust you to handle their transactions efficiently. When problems arise, it shouldn’t be brought back on you if they have had double charges or another issue with payment. This is where your merchant account provider should step up to the plate and answer any questions that they might have and alert you to the problem. For the most part, however, things should run smoothly or be fixed quickly with little effort on your end.
In summary
The right merchant account is there to help you run your business, not to hinder it. With these key factors in mind, you can find the right one that will assist you in your growth as a company.
