Evaluating Your Merchant Service Provider
Use This Quick Checklist
You may not think of your merchant service provider very often until you actually have a problem. Not all providers are created equal, and picking the right one to work with can be a crucial step to success. There are as many merchant services needs as there are businesses—from large to small, and everywhere in between. Partnering with a merchant service provider who can deliver to your specific needs is important. If you feel that your merchant service provider hasn't been living up to your expectations, or its time to consider if they are, use this quick checklist to evaluate their services.
Their Reaction Time
With affordable labor being as plentiful as it is, there's no end in businesses working hard to streamline the right expenses to keep an eye on the bottom line. Sometimes, however, this cuts too deep on service levels. Consumers have noticed and businesses needing service from other businesses have noticed too. As this applies to your business if there's a problem, how easy is it to get a hold of someone? How quickly do they understand what you're talking about? Do you keep getting transferred and asked to retell your story over again? How fast is it resolved? If your equipment is down and you have to turn people away because of an inadequate merchant service provider, you owe it to your business to invest in something better.
The Quality of Their Equipment
It's hard not to get sticker shock with practically everything in the business world today, but making major decisions means seeing the bigger picture. When you choose a company that offers extremely cheap machinery and products, from POS terminals to software, you risk paying more over the long run (and compromising your own standards, including security.)
Their Track Record
Any company can say that they offer the best, but what does that really mean? They should be able to provide you with numbers about how well their methods work for their customers. How do they talk about important matters of the day, such as card data security? And how are security features designed to protect your business and your customers made part of the merchant service experience.
How do you get updates from the merchant service provider? Do you feel like they send out a lot of promotional offers that are of no use to you while they overlook the real issues that matter to you? Do they send it by email or mail? Do you feel like you know someone specific that you can count on at the company who makes themselves available for you? A good provider won't overwhelm you with information, but rather give you valuable updates in the context of what it can do for you. Whether it's changes in their policies, new laws governing credit card practices or a promotion that will actively save you money, you should feel like you have ways of staying in touch with them. Make sure you ask about how communication with you works and what features and services, including reporting portals, are available to you.
Finding the right merchant service provider doesn't have to be complicated. Use this quick checklist so you're getting the best in service and quality.