Choosing the right Merchant Services company is very important to the success of your Practice. A reliable Merchant Services provider will ensure the smooth processing of credit card transactions and support your business growth. When evaluating which company you trust to handle your Credit Card Processing, you should consider what are the most important features offered, for you. Are you simply looking for the “Lowest” processing rate? Is it a particular processing platform you seek? Is the level of Customer service paramount to you? As you work your way through this process, here are some items to consider.
Honesty & Transparency
You should want to work with a company that will take the time to sit with you and properly analyze your current situation. You want them to be completely honest about not only if but how they can “SAVE YOU MONEY” and what makes their company the right fit for you. Pricing is important, of course, but you want your Rep to speak not only about their “Low” Processing Rates but, equally important, about their month-end fees. Their very low processing rates can often be offset with elevated Fees. What’s important is your “Overall Processing Percentage.”
Customer Service
Virtually all Merchant Services Companies offer a 24/7 800# level of service. This is a positive thing, except when you call it, you may not have the time to be “on hold” for 45 minutes, listening to elevator music. Franky, you deserve and should receive More! Instead of working with a Rep who says, “When you have a problem, here’s the 800#, perhaps you want to work with one who says, “Make me your first call”.
Security & Compliance
Security is paramount when handling customer payment information. In this day and age, all processors operate under the same strict security guidelines. As for you, the Merchant, you are required to maintain your annual PCI (Payment Card Industry) Security Compliance. This assessment must be completed annually, and if ignored or forgotten, it will automatically result in a significant monthly penalty. Most processors leave it up to you to complete. There are, however, Reps who will complete the Assessment for you, thus making certain that you are always in compliance and will never be penalized for Non-PCI Validation.
Selecting the right Merchant Services company involves careful consideration of the services offered, pricing transparency, customer service, and security measures. By prioritizing these factors, you can find a provider that meets both your current and future needs.