How I Became An Expert on Accounts
December 5, 2017
3 Factors that Will Help You Choose the Right Merchant Account Provider
One of the important things that make a successful business making it easy for clients to pay for the services they need. One of the ways of doing this is by accepting online payments. On the minimum, your website will need a shopping cart for you to accept credit card payments.
When you start searching, you will find different online merchant account providers you can hire. To find the right company that will allow you to accept credit card payments, it is crucial to do your research well. When you are working with the right company, you will save time, collect revenue in a timely manner and reach your goals.
On the other hand, if you do not select the right processor, you may be left paying high fees. For any downtimes, the company should not take its time to carry out rectifications. Such a company can make you lose customers due to the poor customer services.
Majority of small businesses struggle to find the right merchant account companies to sign up with. The easiest way to find a good online merchant account provider is by searching on the internet. Searching online will make you find hundreds of potential companies you can hire. It can be difficult to know which company to choose from if you don’t know what to look for.
Below are three tips you should keep in mind before choosing an online payment gateway service provider.
i) Find out about the fees charged
When evaluating different online payment gateways, consider the fees you will pay per transaction. Look for a company whose rate is affordable. However, do not simply choose a company because it has low rates. Find out about other fees the provider may be charging.
For example, find out whether there are processing minimums. Also, are there penalties you will incur for months when your transaction volumes are low? You can know the exact fees you will end up paying when you request for a breakdown of incidental and transactional costs.
ii) What is the approval rating of the company?
The approval rating refers to the percentage of credit card applications the company approved. Your merchant account and online payment gateway application is likely to be approved if you approach a company with a high approval rating. The approval rating can also indicate a company processes applications fast and charges low fees. Stay away from a merchant account provider with a low rating.
iii) Features offered by the provider
Most companies offer terminal options, including online payment forms, virtual terminals, and swipers. Check whether the company you want to hire offers the features you may want such as recurring billing, cash flow reporting, and others.