Know the Facts: 3 Truths About Merchant Credit Card Services
Every business has unique needs when it comes to merchant credit card services, and it can be difficult to discern fact from fiction when it comes to the various offerings available. Part of the confusion arises because multiple parties are involved at every step of the way between the transaction, the payment processor, the bank, and the credit card companies. Let’s look at three truths about merchant credit card services you should know before you settle on provider.
‘Free’ Isn't Necessarily Free
Merchant credit card services is a big business serving companies of all types and sizes. One provider can operate vastly differently from another company. When you see an offer for free payment terminals or extremely low processing rates, you should take note– and take a second look. Free isn’t a benefit if the product or service associated with it is not what your business needs. Ask yourself, is the company offering free equipment or extremely reduced processing rates prepared to back up their service with customer support? Are they prepared to ensure their offerings meet your business needs for payments? Your customers expect seamless payment transactions from you; you should expect seamless processing from your processor. When it comes to providing credit card services, be sure to find out what “free” really means.
There Will be Risks
A payment processor cannot guarantee that your business won't be hacked. What they can do is offer solutions and services that help mitigate the threat of a security breach. Consumers expect to be able to pay using a credit card and expect that their payment information will be handled securely. By partnering with a reputable, experienced payment processing company that offers reliable and secure services, you are taking a proactive step to reduce your risk of a data breach. Look for a company that offers secure solutions and has a proven track record of safeguarding their clients’ information. When you can trust your payment processor to watch out for your business’ best interests, you can instill a sense of trust in your customers for your business.
You Are Not Alone
This fact can work both to your advantage and against. When something goes wrong at your business, do you know who or what caused the problem? If it's related to things that are under your direct control within your business, such as when an employee doesn’t show up for work, then the answer is likely yes. But if the problem is something somewhat outside of your control, such as your payment processing service going down, the answer is probably no– unless you work with a provider that offers a single point of contact. Knowing who to contact when you have a question or issue regarding your credit card services can ease the time spent - and the headaches involved - of solving a problem. A payment processing company that acts as your partner will not only be able to help you troubleshoot and solve the problem, but also be your advocate in the process. Payment processing is one facet of running your business that you don’t need to tackle alone.