Whether it’s your first time talking to a payment processing sales representative or your fifth, we know that payment processing jargon can become overwhelming and confusing. Especially when you are a new business looking to find your footing. But dont worry, we will help you navigate this landscape so that you have a comprehensive understanding about what it is we do.
The million-dollar question is why would you use merchant services? Simple, cash is becoming scarce in daily purchases. So, the problem becomes how do we adapt? Technology. Technology is constantly evolving and changing the landscape of our professional world. Talking to a merchant services sales representative allows you to talk to someone with extensive knowledge and years of experience working with business owners and a plethora of products and services.
We know that this is not your area of expertise and that you want to find a processor you can trust. We don’t care who you use, we just want to make sure you understand what is being offered to you.
First Here Are Some of The Basics You Should Understand
What Merchant Services Is:
Merchant services is a broad category of financial services intended to be used by businesses. It often refers to merchant processing services, which help enable businesses to accept and process credit cards.
How Merchant Services Works:
Merchant services when implemented into your business will look like this:
- The process will begin when the customer hands you their credit card.
- The processor in your point-of-sales system will transmit the card data and check with their bank account.
- Once the payment is approved it will be accepted through your terminal and completed.
- Once the processing is finished your point-of-sale system will take out your fees and deposit the rest of the funds into your merchant account.
Another important thing to note when looking at how merchant services effects you is to look at the company that is doing your processing. Good questions to ask yourself are:
- Do they provide 24/7 customer service?
- Are you talking to a real employee or AI?
- Will they send staff on-site to fix broken processors or mail you a box with instructions?
- How fast is their turnaround period?
- Do they answer their phones?
- How does your merchant service provider react when something breaks or there is a technical error?
What A Merchant Service Provider Offers:
Point-of-Sale (POS) System: A physical terminal that has back-end software that will allow you to track things such as sales volume, customer information, and stock levels. It can also provide frictionless shopping options, i.e., in-store pickup.
Payment Processing: These are payment solutions necessary for accepting any payment into your merchant account.
Payment Gateway: An interface that will allow your customers to submit payment information online. These gateways are secure avenues for you to accept payments online once integrated into your website.
Payment Terminal: A device that allows a secure avenue for you to charge a customer’s card in person to submit their payment information.
Loyalty Program and Rewards: A feature that can allow you to reward your repeat buyers instantly and automatically. This works by matching customer purchases with their profile and previous activity.
Partner Networks: Providers now do not just diversify their offers; they build networks of third-party providers who can give you access to other services that you can then integrate with their selection of products and services.
Merchant Fees are the charges that are made when a customer uses a card to make purchases from your business. They are a part of your payment processing fees and can often vary based on your provider, card issuers, and what kind of payment is involved and how the payment is accepted.
Interchange Fees: This payment is made directly to the card issuer when there is a swiped transaction. These fees can vary based on the card that is being used – the amount and the industry.
Payment Processing Fees: Your merchant services provider can charge a fee to facilitate the transaction. These fees can include monthly fees, per-transaction fees, and statement fees. This is how your provider will make money since they see none when it comes to interchange.
Assessment Fees: These are paid directly to the credit card network so you can use certain credit cards. This will be based on monthly sales, not transactions.
Now that you know the basics of merchant services lets talk about the kinds of questions you should be asking yourself before you take these meetings.
- How do you plan to do business?
- Will you be processing credit cards in person or on an e-commerce site?
- What kind of point-of-sale system is best for your business?
- What can your prospective merchant service provider do for you?
- What kind of customer service and member benefits does your prospective merchant services company can provide?
While these are trivial details, they can become crucial to the bigger picture and efficiency of your business.
Payment Processing can be a tricky field to navigate, and we understand how easy it is to feel lost. That is why our team provides stellar old-school customer service. We pride ourselves on answering your calls in 3 rings or less with 24/7 customer service. Having technical issues you cant fix? No worries we will send a representative out to your location to minimize the problem! On top of our customer service, we can provide you with member benefits off services like Fed Ex and Staples, as well as an expert marketing team to help you bring in those sales and strengthen your brand. When you work with us you have all the tools you need to succeed right at your fingertips.
Set an appointment with one of our sales representatives today so we can walk you through all your questions. We know that together we can get the best rates possible and help you flourish.