We are living in a technological age which is advanced than ever before. This fast-lane era has led 67% of the customers to use cards to pay for the product/service in-store while 90% use cards for online transactions.
Paying through a card is more effective, risk-free and easy for the customer. And as much as it is easy for the customer it is also vital for businesses to have a hassle-free process of taking card payments. So, if you are an early stage startup aiming to increase sales, you must be fully equipped to accept card payments in-store as well as on your website or through your app and to do so, you need a highly sophisticated Merchant Account Solution Provider.
For those of you who are not familiar with a Merchant Account, it is basically a financial middleman for your business transactions; sort of an escrow, a merchant account helps you to process credit and debit cards, holds the payment and the transfers it to your bank account. It also creates an ease for credit card companies to take back any fraudulent or disputed transactions so you don’t have to deal with it on your end.
Finding the right merchant account is a bit tricky, because most of the time, you’re allured by the promotions so much that you do not look into little yet key factors. But, it’s not as hard too; all you need to do is find an easy and inexpensive course linking your customers’ credit card to your bank accounts.
So, what to look for in a merchant account solution provider?
So, let’s get to the point. There are loads of merchant account providers out there, how do you know which one is the best for you? We’ll be discussing some key points below to help you in that question.
According to an analysis done by Accenture.com, they found that 54% of the consumers are very cautious with their initial transactions in terms of sharing their details due to the lack of confidence on data protection. So, having a secure merchant account is mandatory, both you and your customer.
2- Technology Support:
One thing you should check is what platforms does your merchant account provider offer. For instance you have a store that you might want to get online at some point in the future. So, getting the details of equipment and technology they offer is vital, you don’t want to switch a merchant account again and again to get the best one. Here’s a complete list of merchant account solutions, i.e. the equipment and technologies that you may require from the service provider.
As mentioned earlier there are loads of merchant account providers out there. Beware of contracts!
Unless you’d want yourself to be bound on some reasons you should check the company and their testimonials if possible. Get to know their terms of agreement!
4- Cancellation Charges & Time Taken for Deposits:
Nobody wants to lose business, most of the companies have some sort of cancellation fees they charge, you should be aware on all of it. Deposits are another important factor to look at; normally deposits should take 2 – 3 days in order to verify and keep it as secure as possible. But some companies go a step farther to offer next day deposits.
5- Costs and Fees:
Though there’re companies like Paypal that may charge you up to 7%, there are some companies that may offer you a limited time offers of zero fee. Don’t fall for eye-watering deals or limited time offers. If you’ve found a good company and it has different packages for the type of merchant you are, make up your mind, research and analyses your customers and future projections to see what package suits your business best and go for it.
Recommended Merchant Account Solutions Provider:
We’ve recently stumbled on Merchant Account Solutions and have compared it with 30 different US based providers. If you are looking for personalized merchant solutions using most advanced systems and technology in the industry, this is probably something, you should consider. Your account comes with absolutely no set-up fee and no contract, free equipment, low-cost guarantee and easy QuickBooks integration.
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No contract means, Pay-as-you-go!
Here’s a sneak peak of what you get from MerchantAccountSolutions.com:
- Credit Card Terminals that allow you to accpet everything, i.e. Chip Card, Swipe Card, Apple Watch, E-Check, NFC Phone
- Point of Sale Systems for retail shops, restaurant, and cafes.
- Wireless Ternmilas for any type of business, especially to facilitate customers and collect payment on delivery.
- E-Commerce and mobile solutions for online sales.
You can have a detailed inquiry with them and discuss your business requirements for a customized solution that best suits your business model!
The Bottom Line:
According to a report, almost 7500 startups are launched every single day globally; including online e-commerce platforms, apps, stores, food shops and more. Out of this big number, 50% fail during first month and the number keeps reducing every month and one year later, just 2% stay alive.
Those who survive battle hard; and the hardest part is to get well connected to your customers and clients. Offer them the luxury of secure and easy payment and your startup is already on a growth track!