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. To improve your business operations, find a way to accept payments through the internet. You will need to set up a shopping cart on your site or sign up with a payment gateway to accept online payment.
There are many online credit card processing services in the market. Carrying out proper research is important to find a company that will address your online payment requirements. By using the right online payment gateway, you can be sure of collecting more revenue and improving efficiencies.
If you make a mistake and end up with the wrong payment gateway provider, you can be stuck with a service that will require you to pay high fees. In case of downtimes, you do not a company that will take hours to rectify the situation. 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. You can start your search for online merchant account providers online. Searching online will make you find hundreds of potential companies you can hire. How can you determine the right company to hire from the hundreds you will come across on the internet?
Read on for some tips that will help you find the right online payment provider.
i) How much fees are charged?
One of the first things you should consider before choosing an online payment provider is the transaction fee charges. Make sure the fees of the company are affordable. However, one mistake you should avoid is choosing a company simply because it charges low fees. Apart from transactional fees, find out which additional fees it charges.
For instance, how much will you incur as minimum processing charges? Also, are there penalties you will incur for months when your transaction volumes are low? To get an accurate picture of all the fees you will be liable for, ask for a breakdown of both transactional and incidental fees.
ii) What is the approval rating of the company?
The percentage of credit card applications that a company approves contributes significantly to its approval rating. If a company has a higher approval rating, it means your merchant account application is likely to be approved. This also means the company has lower fees and higher processing speed. Stay away from a merchant account provider with a low rating.
iii) Consider the features offered by a merchant
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.