Tips to Consider When Looking for a Merchant Account Provider
When running a business, you need to make it easier for clients to pay you. One of the ways of doing this is by accepting online payments. Your website will have to be installed with a shopping cart of be integrated with a payment gateway to allow customers to pay for items with their credit cards.
When you start searching, you will find different online merchant account providers you can hire. Carrying out proper research is important to find a company that will address your online payment requirements. By using the right online payment gateway, you can be sure of collecting more revenue and improving efficiencies.
You do not want a company that will lock you into a contract that will require you to pay a lot of fees. For any downtimes, the company should not take its time to carry out rectifications. Such a company can make you lose customers due to the poor customer services.
Majority of small businesses struggle to find the right merchant account companies to sign up with. Searching on the internet is an easy way of finding a good payment gateway provider. This will lead you to many companies. It can be difficult to know which company to choose from if you don’t know what to look for.
Below are three tips you should keep in mind before choosing an online payment gateway service provider.
i) Fees charged by the company
The cost of transaction fee is an important thing to consider when looking for an online payment getaway to work with. Make sure the fees of the company are affordable. However, one mistake you should avoid is choosing a company simply because it charges low fees. Apart from transactional fees, find out which additional fees it charges.
To begin, inquire about the charges for processing minimums. Also, find out whether there are costs to be incurred in case you do not reach the provider’s specific transactional volumes. You can know the exact fees you will end up paying when you request for a breakdown of incidental and transactional costs.
ii) The provider’s approval rating
The approval rating refers to the percentage of credit card applications the company approved. Companies that have a higher approval rating means it has many approved applications. This also means the company has lower fees and higher processing speed. Stay away from a merchant account provider with a low rating.
iii) Features offered by the provider
Finally, find out about the features that the payment provider offers. Confirm the specific features offered by the company you want to work with.