Comparing Merchant Services Providers
Selecting the best merchant services provider for your business is a critical decision that requires some time and effort on your part. At Tailored Transactions, we believe the process starts with an honest assessment of your business and the type(s) of credit card processing options you require i.e. traditional retail, MO/TO, e-commerce or mobile.
For example, if most of your transactions are card present (traditional retail), you’ll need a different type of merchant account setup than if you run a MO/TO or e-commerce business where the transactions are primarily card-not-present (CNP). If your business is diversified, both brick and mortar and e-commerce, you may need more than one type of merchant account to handle all of your transactions.
B2B businesses require a customized setup that is completely different from a retail or e-commerce business. B2B merchants need a B2B merchant account that can quickly and securely process Level 2 and Level 3 transactions, while also providing invoicing options, ACH acceptance, and more detailed line item reporting.
Once you’re ready to start comparing merchant services providers, here are some points to keep in mind while sorting through your options:
- Don't be afraid to ask each provider for references from their clients who are in a similar industry as yours. When speaking with these references, ask about what they like and dislike the most about the service. Inquire about the responsiveness of the provider to any problems or issues that may have occurred.
- Evaluate products and services as well as cost to determine which provider offers the "biggest bang for your buck". The cheapest solution isn't always the best solution for your business. Low pricing is definitely important, but you also need to consider time, efficiency and ease-of-use for both your staff and your customers.
- Ask a lot of questions. You should be in a learning mode as you begin your search, so be ready to try an absorb as much information as possible.
- Make sure the proposals you’re considering include all the features and services you need, and none that you won’t use.
- Keep future upgrade options in mind. Point-of-sale software for your laptop or tablet can be easily upgraded and is more budget friendly than expensive hardware. But remember, base your decisions on your needs and not strictly on price.
- Discuss customer service and technical support. Is their support department staffed by their own internal employees or has it been outsourced to a 3-party vendor? Do they offer 24/7 support and is there any cost for using it?
- Don’t forget to read the fine print in your contract. Yes, this can be time consuming, but it can also save you from a lot of headaches and frustrations down the road. Remember, that the devil is often in the details!
With more than 15 years’ experience as a payment processor, Tailored Transactions should be on your short list of merchant services providers. Tell us about your business needs and requirements, and don’t forget to mention any plans you have for future expansion. We will put together a detailed proposal of products and services that will best serve your credit card processing needs.
Visit us online at www.TailoredTransactions.com or call us direct at (888) 669.1686