Accepting credit and debit cards either online, on the go, or at your place of business requires a merchant services provider, but how can you ensure that you are receiving the most out of your relationship, and take advantage of the knowledge and the number of solutions a merchant services provider can apply to your business. A merchant services provider should be a partner for your business and get to know your business needs in order to provide a solution that works for your customer base. It is important to know what types of services that a merchant services provider has prior to contracting with them.
Just like any vertical market, when you are engaging in a partnership or putting a deal together, you must know what that business has to offer you, and what types of services that they can provide that will benefit not only your revenue stream, but your customers and clientele. A merchant services provider is no different. Understanding what your business needs are and how to engage with your customer base by providing payment options that are fast, secure and efficient will increase your bottom line, and ultimately grow your business.
1. Trust
One of the biggest benefits of having a merchant services provider that you trust, is that you can comfortable know that you are in good hands. There have been no issues of hidden fees in the past, or misrepresented programs that do not benefit your business or customers the way that they may have been promoted.
Trusting your merchant services provider is the first part in created a relationship that will not only allow your business to accept credit cards and debit cards with peace of mind, but knowing that your merchant services provider will go above and beyond to protect your business, and give you the help and assistance if you require it. Like any relationship, the trust has to be involved. It is easy to contract with a merchant that may provide low rates or a free terminal when you sign up, but can you put a price on great service or support?
Get to know your merchant services provider before you contract with them.
2. Information
Use your merchant services provider for as much information as you can get. Get an understanding of new products that are out on the market, how you can be more secure in your place of business, or online store. Find out what your rights are as a merchant, and how you can protect your business from costly chargebacks. All this information is important, and the best source for these types of queries is your merchant services provider.
More often than not, when you have a question about a terminal, or a payment solution, you may call your merchant services provider and get an automated telephone maze that connects you to one department, or has to transfer you to another department. This type of customer service is not conducive to merchants trying to gather information for their business. Look into the process in which the merchant services provider utilizes their resources, either online, or through their help desk. The faster and more efficiently you can gather information, the better.
3. Payment solutions
Although this benefit somewhat overlaps with the information, it is definitely an important part that stands alone. Use your merchant services provider to get up to date payment solutions in order to grow with the consumer market. As technology progresses through smart phones, tablets, apps, and credit card and debit cards - so do payment solutions. Find out how your business can benefit from the new types of payment solutions that are on available, what the costs will be, and how they can be used to both garner more sales and drive revenue, become more secure, or simply branch out into a different field.
Use these tips to grow your business, and cater to your customers needs. It is important to know who the merchant services provider you are going to be dealing with, and how they can benefit your business and your customers.
