How to find the best merchant account
You’re just beginning a search for a new merchant provider so you can begin accepting credit cards. You may be feeling overwhelmed and frustrated by the number of options available. Maybe you don’t even know where to begin.
It’s understandable. There’s an awful lot to consider.
Because there’s so much more that goes into merchant services than card processing alone, it’s important to think about your choice as a relationship that evolves with your business rather than just a one-time agreement. From processing credit card transactions securely and reliably to getting the support you need, your payment processor is with you every step of the way. Or you should hope so.
That’s precisely why getting the best merchant account for your business is essential. Whether you operate a restaurant, retail store, or eCommerce business, there are universal elements that you should be aware of. Being able to recognize what merchant services best fit your needs can help you determine the right merchant acquirer for your business.
Get more business
So you’re ready to start processing credit card transactions. Which cards should you accept? The more types of payments cards you can process, the more business you can do. By adding American Express, Visa, MasterCard, and Discover to your payment card acceptance mix, you’ll not only be welcoming the cards your customers want to use, you’ll be demonstrating that you care about their preferences.
Payment solutions to meet your needs
Your relationship with a trusted and reputable payment processor should be a helpful advantage for your business. By taking the time to understand your business needs, your merchant account provider can recommend the most suitable payment solutions and services that help you optimize your business operations.
A knowledgeable provider can help your business implement innovative, but practical options like EMV chip card enabled technology, accepting mobile payments, security and fraud protection services, omnichannel capabilities, and consolidated customer support and reporting– all which help increase the speed and security of your debit and credit card transactions. Payment solutions like these are useful for most industries.
Let’s take a look at how the following industries can be best served by implementing innovative payment technologies.
Improved restaurant operations
Quick and convenient payments are the standard for restaurants of all types and sizes– and are critical to meeting the expectations of patrons. With the ability to transfer tabs, add tips, and swiftly pay checks, a customized restaurant merchant account creates an efficient, friendly payment process. Simplifying payments for your restaurant allows employees to spend less time on ringing up and settling tabs, and more time on providing friendly, quality customer service.
One important payment security technology for restaurants in particular is tokenization, which safeguards customers’ sensitive card information during the tip adjustment process. A feature of many reputable merchant account solutions, tokenization replaces a customer’s card information with a uniquely generated series of numbers and characters known as a token. Masking the actual card data, the token can only be deciphered by the issuing bank during authorization. Tokenization not only protects data and reduces your risk of compromised customer data, it reduces your scope of PCI compliance.
Brick and mortar retail payments
Regardless of your industry, processing credit and debit cards with EMV chip technology is now the norm for most major credit cards and card-issuing banks. For a retail environment, a wide range of EMV-enabled terminals is now available. EMV chip technology increases card data security by making it virtually impossible to create counterfeit cards and by requiring cardholder authentication with a signature or PIN that verifies that the card belongs to the person using it.
In addition to implementing payments technology like EMV that protect customers’ information and reduces in-store fraud, the best credit card processing options also help streamline back-house operations, saving money and time. Everyday tasks like scheduling and inventory management become a breeze with a retail-specific payment solution, freeing you up to focus on other important areas of your business.
eCommerce for worldwide visibility
Whatever industry you operate in, you can extend your business by offering secure, convenient online shopping. Preventing fraud and enforcing strong data security is as important online as in-store. With a merchant provider that specializes in eCommerce, you can securely accept all major credit cards online, while also processing popular payment types like PayPal, Venmo, and Apple Pay. Make your business accessible from around the globe, but don’t forget the advantages of actionable intelligence and reliable support from a merchant service provider that supports where your business is headed.
Having top notch merchant services for your business can go a long way toward helping you grow and control costs. And by choosing a payment processor that owns their own technologies, you are more likely to enjoy significant cost savings and reduced service interference. Contact Vantiv to learn more about finding the ideal merchant account for your business.