Whether you just chose your merchant services account or you’ve had it for a few years, you probably already know what it can do for your business. Most notably, this special type of business bank account allows you to accept multiple forms of payment by providing you with the necessary software and hardware. To ensure that this service continues to fully meet your evolving needs, however, you should take some steps to keep your finger on the pulse of your payments.
Evaluate your rates.
Periodically, it is important to take a look at the rates and fees your merchant services provider (MSP) is charging. At least once per year, make it a point to read through the fine print on your contract or user information form.
Take a look at your processing volume, as well as your chargeback statistics. If you have not experienced an above-average amount of forced refunds and your sales have met or exceeded the company’s requirements, you may have the leverage to negotiate on both the fixed rate and the percentage you must pay for each transaction. It also doesn’t hurt to do some shopping around to ensure that you are still connected with the MSP that best meets your needs at a price you can afford.
Assess the features your merchant services partner offers.
With technology evolving every day, you can’t afford to fall behind the curve. What was cutting-edge a decade ago is obsolete now. What’s more, consumers are increasingly embracing alternative technologies even in the payments arena.
The smartphone is a case in point. Today’s shoppers are rapidly embracing digital wallets that allow them to make contactless payments from their hand-held devices. However, this is only possible if you, the merchant, have an updated reader that is outfitted with special near-field communication (NFC) technology. If your credit card terminal is not NFC-enabled, you and your customers are missing out on the speed, security, and convenience that touchless payments offer.
Don’t overlook ecommerce.
The most successful businesses today tend to provide consumers with choices, including where and how they purchase products. Ecommerce is understandably exploding. Haven’t dipped your toes into online selling yet? The good news is, it’s not as difficult as you may fear to launch a website and begin offering your merchandise online. Should you decide to do so, your merchant services company can give you everything you need to securely transact purchases over the internet.
This enhanced customer choice also applies to expanded payment options. If you want the most feature-rich relationship with your merchant service provider, be sure to inquire about the various payment choices they offer. This may include debit and EBT card acceptance, recurring billing solutions, bank transfers, and even cryptocurrency.
Keep security and fraud prevention top of mind.
When you chose your merchant services provider, you probably asked them what steps they take to ensure that their systems are secure. Having this knowledge enables you to know that your customers’ payment data is as safe as possible from cybercriminals.
The MSP you ultimately choose to partner with should have programs available to help you remain in compliance with the Payment Card Industry Data Security Standard (PCI DSS). Furthermore, ask them what other steps they are taking to prevent fraud and securely protect the sensitive cardholder information they manage and store.
Given the passage of time and changing of priorities, it is important to regularly assess if your merchant services account provider remains the best choice for your business. Finding the right payments partner is one of the most effective preventive steps you can take to protect your business and your valued customers.
