|Your personal background.|
|Choosing the right merchant service provider could help you save thousands of dollars every year. Furthermore, the payment method you choose to use has direct influence on the experience your customers have. A win-win situation is one that is beneficial to both you and your customer. You partner with a service provider that's modern and low-cost, assists you with chargebacks, and doesn't come with surprise charges every customer who comes through your doors enjoys an enjoyable checkout experience. There's no reason to compromise on quality to save money or vice versa.|
These are our top questions to ask anyone you're thinking of working with. These are the questions that will make the difference between good and bad choices. Before we dive to the bottom of this, let's understand what a merchant service company and merchant account provider are. In case where you demand a full report about credit card processing Los Angeles, sneak a peek at this site.
What is a merchant service provider?
A merchant services provider is a company that offers a range of products and services designed around the acceptance of payments of all kinds.
They can help you set up an account with a merchant bank and install POS systems and help you fight chargebacks. They also provide online invoicing along with sales data and assist you in preparing invoices. Each merchant service provider offers an individual offering, but they all function as a link between your business and payment processing. In the ideal scenario, they will become your first choice for all things related to payments.
It's all right! On to the questions.
Questions to ask a Merchant Services Provider prior to committing
Are there any set-up fees?
Some MSPs do. Some don't. Find out why it's so steep.
Do you charge cancellation fees?
You shouldn't deal with anyone who is charged cancellation charges in the event of a 7-8-figure firm that manages $100k or more monthly transactions. Why should they charge cancellation fees if they do not make money month after month?
Is the contract really long?
Same idea here. The industry of merchant services is full of bottom feeders. This is what it is However, someone who is asking for a commitment for 5-7 years and a substantial cancellation fee is most likely to be to be one of them. It's typically something to stay clear of.
Is there a monthly transaction or processing limit? If yes What are the sanctions?
This is another warning sign. Merchants could charge you more when you've had a bad month. Tidal thinks that is absurd since they earn profit on each transaction. That means they will profit more from your successful months. It should be a partnership and not a contract that the merchant service provider beats you back when you're not doing well.
In a similar vein, is there a transaction cap? If yes then what are the costs for exceeding it?
The same idea. They already earn more money! So why should you be charged?
Do you have a staff member who helps me with chargebacks?
Merchants are constantly faced with chargebacks. Highly regarded MSPs like Tidal offer chargeback support to combat fraud and chargebacks.
How does your company approach PCI Compliance?
PCI compliance doesn't necessarily mean that you have PCI-compliant software. PCI compliance encompasses a whole tiny world. Some merchant service providers leave it all to you, while other are proactive in providing you with the top software and resources. This should be the latter.
If they offer a low entry rate -- why? Where do they earn their profits, and why shouldn't they simply have a standard percentage they can rely on?
Here's the offer. No one gives away software, hardware, or insanely low payment processing fees without knowing that they'll make it up somewhere else. If you see an offer or rate that sounds too good to be actually be true, it probably is. This is the place where you should be looking for any fees. Do not sign a deal that gives you no-cost terminals or a flat cost of 1.5%. They are or are taking advantage of your situation or they will soon cease to exist.
Are you eligible for assistance with breach?
Certain Merchant Service Providers such as Tidal provide assistance to victims in the event of PCI compliance violations. This is an excellent item to keep in your pocket in case of the possibility of a breach.
What type of software and hardware do you offer or offer?
The most reliable credit card processing service providers will provide you with the equipment and software you require - - everything from PCI & HIPAA compliance dashboards, to sales analytics, and even smart mobile terminals. Make sure the MSP you're considering offers everything you need at a fair price.
What kind of technical assistance do they offer?
There is nothing worse than having an outage in a hurry and your MSP isn't available to help. 24/7 technical support is the only option.
What is the rate they charge? Are they a flat rate? Interchange plus? Both? How will they help your business decide what's most beneficial for you?
Your MSP should go over the statement with you and determine what is best for you. There are many aspects that can make businesses unique. The type of transaction you make and frequency could determine which pricing structure is the best one for you. It is crucial to ensure that your staff take the time to answer this question.
Core Payment Solutions
6513 Hollywood Blvd.
Los Angeles, CA 90028
Phone: (323) 332-9423
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