No matter what size of business you are, choosing which merchant service provider would best suit your company can require some research and consideration. With so many options, it can seem overwhelming to just pick one, and many businesses often work with several providers because it opens up choices for their customers. However, with the right information, you can make a choice that will affect your company for the better.
Here are some things to consider when you are choosing the right merchant services for you.
What kind of pricing do they use?
It’s most likely that the type of payment method you choose will include the use of credit cards. When it comes to this type of payment, simple tends to be the best. A quick setup can get you started right away and provide you with the assets you need in order to conduct business efficiently while offering support to clients.
This means you will have to consider the pricing your chosen merchant service provider has and whether it works within your budget. This can be especially important for small business, who might have to choose between one or two options instead of several. The most common forms of pricing nowadays tend to be flat pricing or Interchange-Plus.
Much of which payment facilitator you use will depend on how much growth you see for your company over the next few years. A flat rate can be great for small companies that are unlikely to see additional locations open up, but for a company that is looking to expand, Interchange-Plus might be the way to go.
Are customers’ cards on file?
Most small businesses rely on loyal customers that return because of the quality of the product or service. Having clients’ cards on file might not seem like the most exciting aspect of choosing the right merchant services option, but it can make a big difference if you have a number of returning customers. It also makes it much simpler for you since you don’t have to re-enter important information when you know that it is safely stored within an app.
These merchant services providers also often offer additional services such as integrations with your software. This can make it easier to know which payments have been made, which are outstanding, and what purchases your customers have completed. It also makes it simpler for them to buy products or services since their info is already on file. If you have an eCommerce store, this can be especially helpful for client retention.
Having cards on file can also give you a leg up over the competition since you will have a better idea of which items in your store are selling well. You can see where you need to make changes or where you might need to incorporate advertising, as well.
Choosing the right merchant services can help your business to thrive, while also offering you the tools to continue growing as a company. With this in mind, you can choose a provider that offers you the support and tools you need in order to be successful as a small company.