Small businesses today have the benefit of having plenty of options to manage their payment processes. The difficult part isn’t finding an option, it’s finding the right option.
Any small business knows the impact of having a positive relationship with their merchant account provider. The most important things to look for in a payment provider are transparency, flexibility, security, and adaptability.
So what does being transparent really mean? What does flexibility mean in payment processing? What types of security do you need? And how can you find a merchant account provider that is adaptable enough to serve your evolving needs?
We break down what to look for to help you get up and running quickly. You may already have a merchant account provider, but it’s always worth evaluating if you are in the right partnership.
If you’re a business that processes credit cards, you must have a merchant account. A merchant account allows your business to securely accept card payments. A merchant account can be set up once you can provide proof that your business is legitimate and that you have the proper security measures in place. The right partner can make all of these complexities easy to manage.
Terms Should Be Transparent
No one likes surprises when it comes to managing your business’ money. Hidden fees, excess charges, unknown terms. These are red flags to look for when working with a merchant account provider. The terms between you and your merchant account provider should be clear, quick to comprehend and easy to follow when changes occur.
Likewise, the communication process between you and the merchant account provider’s customer service agents should also be transparent. You should be able to quickly and easily get the answers to the questions you have. Transparency in the customer experience can make all the difference in being able to efficiently manage your business’ revenue flows.
Payment Options Should Be Flexible
Find a merchant account provider that adapts their systems to your needs. As a business in the modern eCommerce ecosystem, you’ll want to be able to accept payments through a variety of methods. Whether that be credit/debit cards or digital wallets and mobile payments, find a merchant account provider that values the flexibility of various payment methods.
Similarly, work with a merchant account provider that is flexible to how you manage your own payments. Finding a partner that works on your behalf, and offers the services you need to be successful is important in any aspect of the payment process. Account providers should merge their services seamlessly into your existing systems so onboarding is simple and fast.
Find a merchant account provider that understands your business’s needs and can tailor their offerings to the level of revenue you need to manage on a monthly basis.
Security Should Be an Important Consideration
In order to process credit cards, you’ll need to have the proper security details in place. For example, for accepting online payments you’ll need an SSL certification for your website. This allows for a secure connection when credit card data is being entered on your site. The right payment partner can help guide you through these necessary security issues.
Find a merchant account provider that offers the latest security standards so you can have the peace of mind that your payments and your customer data are secure. Nothing is worse for a business than when their payment processing or payment accounts get compromised. The right partner will have plenty of security safeguards to avoid any unnecessary and costly security glitches.
Adapting to Current and Future Needs is Key
Current needs for any business accepting payments online is having a payment processor and merchant account that is built for speed, flexibility, and scalability. That last part is incredibly useful in being able to leverage your merchant account services to help your business grow. Don’t limit your search to a merchant account provider that only works for your current systems. Ask yourself: will they adapt to not only my growing needs today, but tomorrow?
The ability to adapt to future needs should be an important part of selecting a merchant account provider. How your customers want to pay your business will evolve as new methods get introduced into the market. Find a partner who understands this need and builds their own systems to be at the forefront of payment market trends.
