Questions To Ask When Choosing A Merchant Account Provider

Accepting debit and credit cards is an integral part of doing business in the modern world. The days of “cash only” transactions have gone the way of midnight backroom poker games in Vegas. Although plastic is the name of the game for businesses, there is still one question that plagues many companies.

Knowing how to select the right merchant account provider.

Not all merchant account providers offer the same services. Therefore, it should be your mission to know which questions to ask when choosing a merchant account provider.

How Long Have You Offered Merchant Account Services?

Experience matters when choosing a merchant account provider for several reasons. First, you want to work with a company that has a proven record of handling debit and credit card transactions. Second, a company that has processed debit and credit card transactions for years has worked out the issues that hinder the operations of other merchant account companies. Finally, an experienced merchant account provider can offer you suggestions on which products and services to include in your contract. If you are in a high risk category, you’ll want to verify first that your provider is experienced in high risk. For example, Double Helix specializes in many high risk industries, and can work with something for example like a debt collection merchant account.

What are Your Security Protocols?

The last thing you want is for your customers to fall victim to identity theft and other types of cybercrimes. Although PCI compliance is not mandated by the federal government, the security standard is mandated by most credit card companies. You should only consider merchant account providers that comply with PCI security protocols to protect your customers from debit and credit card fraud.

Do You Offer Around the Clock Merchant Support?

This is an especially important question to ask for a merchant that operates outside of typical business hours, such as restaurants and retail stores. Some merchant account providers offer just email support after normal business hours, which means if you have a processing issue, it might not get settled until the following day at best.

Choose a merchant account provider that offers live customer support 24 hours a day, seven days per week by phone and live online chat.

Do You Accept All Types of Payment Methods?

Some credit card processors are all about the classic line “Show me the money.” They are all in when it comes to processing credit cards such as Visa and MasterCard, but they force businesses to pay extra to process alternative methods of payments such as Google Pay or debit cards that do not require customer contact for processing.

You want to do business with a merchant account provider that processes all forms of payment, especially with an emphasis now on processing contactless transactions.

How Much Time Does It Take to Set Up Your System?

You probably have heard the term “Plug and play” when it comes to technology. Well, you cannot expect a merchant transaction system to “Plug and play” right away, but you should work with a merchant account provider that does not take days to install a new card processing system. You cannot afford to disrupt your business, as well as delay the opening of a new business because a merchant account provider has to work the bugs out of its technology platform.

How Long Does It Take for Money to Deposit?

Cash flow is the blood of most businesses, especially smaller businesses that rely on yesterday’s revenue to fund tomorrow’s daily operating expenses. Operating with a consistent cash flow is an essential element for business planning, which means the merchant account provider that you choose should be able to process funds promptly. The time zone where you operate and the type of POS system that you use play a role in determining the amount of time it takes to deposit your hard-earned money into the business bank account.

What is the Length of the Service Contract?

Most merchant account providers want customers to sign contracts that last a certain number of years. Standard merchant account contracts run between one and three years, but you can do better if you choose a reputable merchant account provider that offers you everything you need to process different payment methods. You also need to know how much time you have to cancel a contract, as some merchant account providers charge a significant cancellation fee for businesses that cancel outside the small window listed in the contract.

What Other Types of Fees Do You Charge?

Beware of hidden fees.

We deal with them when buying a wide variety of products, but some business operators forget to check for hidden fees before signing a contract with a merchant account provider. You might reap the financial benefits of a discount or two when signing a contract with a merchant account provider. However, the company that you decide to do business with might have tucked a few hidden fees into the contract to make up for the savings you enjoyed.

Read the fine print, no matter how long it takes.

Can You Provide Me with References?

Researching a company should be as easy as reading a Google review. For researching merchant account provider, you have to do more than read a few Google reviews, if the reviews even exist in cyberspace. You have to go old school by asking for references.

Just a few business recommendations concerning a merchant account provider can give you the peace of mind you need to sign a contract.

Is There Anything You Can Offer Me That Other Companies Cannot Offer?

They say it is the little things that count in life, and for many businesses, the little things make the difference between flailing away in the red or thriving in the back. Getting one or more perks for signing a contract with a merchant account provider can put more money in your business bank account.

You want a merchant account provider like Double Helix Processing to earn your business. Ask the right questions, and you should develop a business relationship with a credit card processing company that least for years, if not decades.