Guide to Choosing the Best Merchant Account Provider
Your merchant account provider will help you by creating an account that lets you accept customers’ credit or debit card payments. The provider will ensure your business can collect the funds you need to keep your business afloat. You’ve got many choices out there when looking for a provider, so check out these points when finding a solution that works for you.
Pricing and Fees
Every merchant account provider will offer a unique pricing structure:
- Some providers work with interchanges established by credit card networks. These interchanges will vary surrounding the card being utilized and your industry.
- Fixed rates entail the same charge for each transaction you process.
- Tiered pricing plans entail unique rates for service surrounding your work.
Look at the pricing structure your provider uses and see what it would cost for whatever transactions you cover. Don’t forget to review the fees surrounding your work, including fees for your equipment, your PCI compliance needs, and reporting efforts.
Every merchant account provider should meet PCI compliance standards. A company should provide support for all your PCI needs, including:
- Infrastructure for virtual security, including for securing passwords and cardholder data
- Support for a secure network with firewall and antivirus protection
- Keeping a security policy ready, including making it available to the public
The team can also review your business and confirm your PCI status. It can assist you in meeting PCI standards if there are any flaws in your work.
Support For More Payments
A service provider should provide support for various payment methods your customers can manage. These include:
- All major credit card brands
- Magstripe and EMV transactions
- NFC payments, including ones from Google Pay or Apple Pay
- Payments from online wallet services like PayPal
- Money transfer apps like Venmo
A merchant service provider will help you accept all these payments. You’ll show your customers that your business is convenient and can accept various transactions surrounding whatever needs your customers hold.
Look at the customer service department at your provider to see how well the company keeps in touch with you. The customer service team should support you with everything surrounding your merchant account. It should be available online or by phone. You should also have twenty-four-hour access to the system as necessary.
You’ll need to collect your money soon if you want to keep your business running well. The best provider will process your payments and get your funds out to your merchant account in about one or two business days on average. A team that offers quick support for your payments is always welcome.
Some entities may also offer same-day processing services. But it will likely cost extra to use such a service. It will still be useful if you need money as soon as possible, although it isn’t necessarily a service you should always use when handling payments.
Choosing the best merchant account provider doesn’t have to be a challenge. Be certain when finding a provider you know what you’re looking for and that you have a plan in hand for choosing a team you can trust.