A merchant service provider is the institution which allows your business, whether online or offline, to other forms of payment than cash. These forms include credit cards, debit cards, gift cards, checks, and touchless payments such as Apple Pay and Google Wallet.
When it comes to deciding on such a provider, you should be aware (if you aren’t already) there are some who say one thing and do another.
There are a lot of scammers out there in the world of business, and the world of merchant services is no exception.
This being said, there are some excellent options out there for you to choose from as well. There are some things to be aware of though when selecting one of them.
Of course for any business, cost is the number one driving force behind nearly every decision. This is especially true for small businesses who don’t have a lot of extra cash lying around or a dedicated marketing budget.
Every penny counts when it comes to small businesses!
Selecting a merchant service provider can be a daunting task in addition to all the other tasks on your list of things to do. It is, however, a very important decision and one necessary for you to have the best chance at success.
The number one purpose of merchant service providers is to supply businesses the means of accepting credit, debit, and gift card payments. Without the ability to accept card payments most businesses wouldn’t succeed.
With over 3,000 different forms of card payments out there, it isn’t hard to see why this is such an important thing for businesses.
Most people use some form of payment card for their purchases. Even those customers who always have cash in their pockets a lot of times opt to pay with a card.
It is an easier way for them to keep track of their finances, and, let’s be honest, it is a heck of a lot easier too. They can get in, grab what they need, swipe/insert their card, and get back on the road.
A merchant service provider will give you all the tools you need to ensure you can accommodate any card payment.
Merchant services providers provide much more than just the ability to accept credit cards though.
Most merchant service providers supply a few basic tools for businesses. Obviously the ability to accept credit card payments is the number one feature.
Most businesses need a POS system to operate too. There are a lot of different types of Point of Sale systems out there.
For brick and mortar businesses, fixed POS systems are the most commonly used terminals. They are placed at the cash out area and are best for businesses who experience a high level of foot traffic. Gas stations, convenience stores, retail stores, etc.
You can also get mobile POS systems with some merchant service providers. Do you work on the road a lot?
Maybe you are a massage therapist who makes a lot of house calls or you sell makeup.
How much easier would it be to have a payment system where all your customer has to do is swipe or insert their card into a reader and those funds are automatically transferred to your merchant account?
How much easier would it be on your accounting tasks? Taking cash or check payments has the tendency to get disorganized quickly.
The ability to process your payments electronically using a mobile POS through your tablet or smartphone is a much more efficient way to keep your business organized.
We’ve all been to the grocery store or gas station and used payment terminals, yes? Most of them ask you if you would like cash back with your purchase. Merchant service providers give you the ability to give your customers cash back when they need it.
This is a considerable convenience for your customers and is great for encouraging impulse buying and can (and most often does) increase footfall in your business.
Even though people use their cards for most purchases, who doesn’t love having a little cash in their pockets? You never know when you’ll need it, right?
E-commerce has blown up in the last decade! Do you conduct all or even a portion of your business transactions online?
Merchant service providers give you the tools and solutions you need to accept online payments via credit cards. Without these services, you would not be able to do business online the same way you can now.
A sure way to spot the best merchant service provider is when they bundle oh-so-much-more into their service. Look for business efficiency packages like inventory control, employee management and tracking and advanced data analytics.
What you measure grows, and when you know where your business’ money is going, you can stop the leakage. This is powerful data to have access to and will revolutionize your business.
Also look for EMV compliance, and a dedicated PCI consultant just for you to walk you through this maze safely.
How about a loyalty program and gift card program to keep your customers coming back and spending more.
Now this is a great merchant service provider!
Where would you start looking for such a stellar service?
Right here! (888) 510-9871
We here at RedFynn Technologies offer some of the most comprehensive merchant service packages available, with at least one proprietary tool no one else in the industry has. Give us a call to see what we can offer you and your business!