Merchant account providers should be the first port of call for any new business looking to handle credit and debit card transactions.
Last year the UK spent more in debit card transactions than in cash for the first time. This is a sure sign that the future of payments is plastic, and not cash.
For any new business, making sure that a transaction is handled securely, conveniently and with support are the main reasons you should invest in a reliable and proven company when handling your card payments.
Point of sale equipment, cashback, eCommerce and anti-fraud protection are all processed by your new merchant account provider.
Here are a few things you might like to consider before whilst deciding the right company for you.
Do your research
Reputation as they say goes a long way. You should research other businesses to check out your merchant’s credentials rather than relying on the best price or company-word when making your decision. It should be easy to find background information, business portfolios and regulatory accreditation online. Also, seek reviews and testimonials from existing clients.
What do they offer?
Look at what services the merchant offers and see that they are open to your payment processing. Is it just a card machine in regular use? Are you an online or mail order business? Do they have telephone payment? Many merchants will offer these services and they should be able to cover all of your needs. Investigate the scope for new technologies like wireless and near-field communications in mobile phones. You want to be first to offer this services, capitalising on technology before it becomes the norm.
Anti-fraud measures against online and in-store criminal activity are a must. The merchant should demonstrate to you their responsible and safe processing of data protection for clients and customers. Encryption and secure data handling should be demonstrated by a technical specialist.
Your merchant should be providing 24/7 technical and specialist support. With millions of transactions every second, you wouldn’t want yours to be delayed or have problems reaching the bank. Telephone and live internet or email support should always be at hand.
Read the small print
Make sure you understand the handling and ancillary costs of every transaction. The merchant provider may seem to offer the best price at first glance, but this could just be an introduction rate. Find examples of previous transactions to apply the costs. Make sure the company breaks down anything else in plain English to you. Any new application shouldn’t be trying to confuse you and you are encouraged to ask for more help if needed.
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