How to Select the Right Merchant Services Provider?

It is easier to become overwhelmed with information overload about merchant service providers. There are a number of features to consider along with your budget and other business requirements. So, it is not surprising that oftentimes; most business owners end up choosing not-so-ideal merchant services.

Here’s how to select the right merchant services.

Assess the security features of the service provider.

As a business owner, you have to be extra careful about protecting the payment information of your customers. So, you cannot compromise on the security of the system you use. For instance, Leaders Merchant Services are compliant with the security systems of the Payment Card Industry (PCI). On top of it; they also provide end-to-end encryption as an added security measure.

Other security measures to consider are hosted payment forms, tokenization, fraud management tools, etc. Fraud and security breaches can have an adverse effect on your business. You might risk losing your customers. You might also need to incur out-of-pocket losses or damages.

So, carefully check and assess security measures employed by all the merchant service providers you are considering before selecting one.

Check if the service providers offer payment expandability.

Most brick-and-mortar businesses these days offer online services too. Even if you might not be offering it presently, you might do it in the near future. So, it is best to be prepared. Choose a merchant provider that offers the option for online payments too such as Leaders Merchant Services.

Payment expandability works both ways. You might only offer online services presently with the plans to open a physical store in the near future. So, you will need a merchant service provider that offers online to offline payment expandability as well.

Check if good customer service is available with the merchant service of your choice.

Businesses cannot ignore the value of good customer service. The strength of your customer service can make or break your business. Customers are likely to return to you if they experience pathetic customer service while doing business with you.

Choose a merchant service that offers 24/7 customer support. The quality of the support must also be good to excellent. No customer query must go unresolved. The process must also be quick and hassle-free for the customers. It should also be accessible to your customers via chat, email, and telephonic support.

Check if you are getting any value-added products and free software.

Not many merchant services come with value-added products. But some like Leaders Merchant Services offer great deals. Value-added products or services may help you customize your POS system. You should be able to integrate them with your existing hardware and save money on buying additional software or tools.

The ideal merchant service will offer you processing software at no added cost for you. You will also likely receive a card reader for mobile devices along with other software at free of cost.

Assess if the pricing is fair as per the services on offer.

Assessing pricing options for merchant services is not a straightforward affair. You might need to look into payment contracts, modes of payments, and rates.

Some merchant services require you to sign a contract for a minimum period of time. You might also need to pay a fee if you cancel the contract before the termination date. So, look into these aspects before selecting a merchant service.

Find out beforehand if you have the option to lease the POS terminals or not. If this is something that matters to you; remember to ask about it.

It is best to choose a merchant service that offers tiered pricing. It varies for different businesses. Ask the merchant service to provide you with the rates before you agree to sign up with them. Make note of the surcharges, additional processing fee, compliance fee, and any other charges included in the contract.

Add it all up to determine if the merchant service is worth your while. The final cost must be justified as per the services on offer for you.

Choose a merchant service only after considering all the above factors and a careful assessment of it all.