How To Choose The Right Merchant Service Company
Choosing the right merchant service company is essential for any business, as it directly impacts your ability to accept payments and manage your finances effectively. Here’s a concise guide on how to choose the best company for your needs:
- Evaluate Hardware and Software Capabilities: Consider whether your business is brick-and-mortar or eCommerce and your need for wireless capabilities, inventory management, and website integration. Ensure compatibility with your existing systems.
- Prioritize Payment Security: Look for companies that are compliant with PCI DSS, offering encryption, tokenization, fraud prevention, and chargeback management to protect customer data and your business reputation.
- Assess Customer Support: Check for responsive and knowledgeable customer support available through various channels like phone, email, or live chat to resolve issues promptly.
- Seek Industry-Specific Experience: Choose an experienced company for custom solutions and established banking relationships. Work with a consultant who understands your business type and can place you with a suitable bank/processor.
- Understand Pricing Models: Compare pricing structures like Interchange-Plus or Flat Rate, dual pricing, and tiered rates, ensuring transparency and affordability for your business. We believe in full transparency regarding rates and fees and make 100% sure you understand the terms, rates, and costs.
- Ensure Flexibility and Reliability: Select a company that scales with your business needs and boasts high system availability to prevent downtime. You want to ensure you can communicate with your representative when you grow.
- Review Contract Terms: Opt for providers offering fair, easy-to-understand contracts without hidden clauses or long-term commitments, ideally with flexible options.
- Consider Integrations: Verify integration capabilities with accounting software, CRM tools, and eCommerce platforms for streamlined business processes.
- Bookkeeping: Make sure you use accounting software in your business and can produce a P & L and Balance Sheet when growing. Processors will ask for this as you are growing.
When researching MSPs, ask detailed questions about batching transactions, settlement time frames, fund holding policies, processing limits, hardware replacement, and provider experience to make an informed decision. Taking the time to compare options, read reviews, and clarify doubts will lead to selecting a reliable MSP that enhances your business’s success.
Nationwide Payment Systems has been in business since 2001, and we assist clients in finding the best solutions for hardware, software, gateways, integrations, point-of-sale systems, and more. We work with all types of businesses from low risk to high-risk and everything inbetween.
