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Things to Consider When setting up a Merchant Service Account

by | Jul 29, 2021 | Uncategorized | 0 comments

Merchant account

Shopping for a merchant account can be overwhelming for a business owner, but it doesn’t have to be. It is important to make sure the right questions are being asked to ensure that the best services are being provided by the merchant provider. Here are a few things to consider asking when setting up a Merchant Service Account.

Setting up a Merchant Service Account

What Benefits or Features are provided by The Merchant Account?

A merchant account is a type of bank account that allows a business to process credit, debit, or gift card payments. It is an agreement that is set up between the business, bank, and payment processor to settle the card transactions after sales.

Some merchant account providers will offer free terminals, exclusive rates, and other incentives to get businesses signed up with their company. Make sure you check in with them on any special offers.

Also, read Merchant Services 101-Why Do You Need a Merchant Account

Are there any contracts?

Most merchants might have a business enter into an agreement; however, it is important to note what things are stated in the contract itself. Make sure to read the fine print before signing any contract. Look out for things such as terms, rates, and hidden fees.

Customer Service

How a company treats their customer is of utmost importance to say the least.  You will want to make sure you ask how they will support you if chargebacks, fraud, or any other issues arise that would require immediate assistance.

Also, read Merchant Services 101: All You Need to Know!

Rates

Rates are important in the world of merchant processing because it impacts businesses’ bottom line at the end of the day. Pay close attention to any hidden fees, surcharges, and more.

What Do Their Reviews Say?

Reviews are important to any business, but reviews about the merchant provider you are about to hand your business over toois something to take into consideration. Look at the ways they treat their customers, how they handle resolutions, and most of all their overall rating. Anything above a 4 Star lets you know they treat their customers well.

Security of Client data

PCI compliance is a huge factor when it comes to securing client data. The merchant provider must ensure that they are following all proper procedures when it comes to compliance. This will ensure the safety of your and your customer’s information at the end of the day.

Also read: Merchant Account For Dating Sites

Merchant Service Account

What other services can they provide to help your business scale?

Taking payment in your business is important, however, being able to scale and grow your business is another ball game. Partnering with a merchant service provider who can offer both payment processing and other solutions to help your business scale is the ultimate win.

If you are looking for a Merchant provider who can help you with any or all things mentioned in this article, then give 5 Star Processing a call today. We can help your business scale and stay in compliance. You can reach one of our amazing team members at 888-253-9692 or [email protected].