5 Tips For Finding The Best Merchant Service Provider

in Blog
on Wednesday, 18 November 2015 22:21

Your customers or clients probably have a preferred way to pay. But do you accept it? Or can you only accept payments your way?

The right merchant service provider can make it possible for you to accept credit cards, debit cards and other online and non-cash transactions with ease and convenience. But when you choose the wrong MSP, you’re sure to be dissatisfied, and your customers may not be pleased either.

Here are five important tips that can help you in making the right MSP decision to meet your current and future needs:

1. Decide what you really need. Make a list of the services you expect from your merchant service provider. You may not be able to have everything you want, but you can try. Do you need recurring billing, for example? You may be able to get a service bundle that includes the services most important to you. Also take into account how quickly your money is deposited into your account by the provider because this can vary widely.

2. Check into how the MSP does business. Find out if the company deals with your credit card transactions itself or outsources this function to a third party. There’s nothing wrong with outsourcing, but understand that this can add an additional step for you if there are problems. Also, find out if the MSP insists you work with a specific POS software company or if you can choose your own. You may be able get a better price if you can choose for yourself.

3. Make sure you understand all costs. Add up costs for sample transactions and anticipated volume. Find out if there are fees and charges that aren’t obvious. Look for programming fees, installation fees and annual charges. And do you have to sign a contract or lease that may have a cancellation penalty? Also, look for monthly transaction caps and make sure the limit fits within your needs. Make sure you understand if international cards are accepted and how they’re handled too. See if you can find a company with a trial period, a money-back guarantee and no contract.

4. Determine if customer service and tech support cost extra. Ideally, you want free 24-hour support. If support hours are limited, make sure the MSP’s customer service and tech departments are open the same hours you are. And it’s best if they use customer service reps who can actually answer most questions rather than just take messages. While customer support doesn’t matter most days, you could be out of business for a while if service is slow or incompetent.

5. Get reviews and a reference. Choose a company with a strong history, a good reference or a referral from a sales consulting company like PayVisors. Check with the Better Business Bureau and other sources too. Understand that some reviews are bought and paid for, however, so take all info with a grain of salt. And ask other businesses like yours who they use too.

These and other factors are involved in your merchant service provider decision. When it comes to choosing an MSP, it makes sense to be fully informed, read everything and understand every detail. Don’t work with a company that makes it difficult to understand their processes, procedures and fees.

At PayVisors, we may be able to help you find the right merchant service provider and offer other services vital to the success of your business. Why not contact us now? See what we can do for you.




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