Top Features to Consider for Merchant Account Services
July 12, 2021
Merchant account services provide credit card processing equipment and software like credit card terminals, point of sale systems (POS), and online payment gateways, enabling merchants to process credit card payments. But how do you select the right merchant account service provider to meet your needs? Here are some things to consider when selecting a merchant account service:
The ability to process credit card payments comes with a cost. As much as you want to minimize the cost per transaction to process a payment, be mindful of the fact that the processor with the lowest processing rates might not necessarily provide the best overall service – and they might come with hidden fees that can hurt your bottom line. Look for a merchant account service that provides all their pricing and charges upfront, and takes the time to make sure you understand their overall cost structure.
With many different players in the industry come many different versions of services and many different rates. Take the time to compare and understand the average rates being offered by different processors and pay attention to who is offering the most competitive rates.
Length of Contract
Signing up for a merchant account typically locks you into a year-long contract with an automatic renewal clause for another year if you do not take proactive measures to cancel ahead of time. But with the recent increase in the availability of month-to-month contracts, doing your homework on processors and the lengths of contracts they offer can really pay off in the end. A month-to-month sign-up with no early termination fee penalty and no liquidated damages clause could be the way to go. Or you may find that a longer-term contract with better pricing or more competitive rates makes more sense for your business.
The right merchant service provider can help your business streamline payment processing today while also helping you plan for future growth and evolving payment options. Look for a provider who takes the time to understand your business and how the solutions they provide best meet your needs.