Choosing a merchant processor is a very important decision, one that can be vital to the overall success of your business. The Better Business Bureau of Minnesota and North Dakota (BBB) advises business owners to do their research before selecting a merchant processor.
One of the most important ways to make your business thrive is to please your customers, and that often means offering them a variety of payment methods. According to one estimate, businesses forfeit up to 80 percent of consumer impulse buys if they don’t accept credit cards. But before going down this road, business owners need to select their merchant processing service with care. To date, in 2011, the BBB has received more than 1,700 complaints against credit card merchant and processing services.
“Accepting credit cards gives customers options, whether it’s to charge a purchase and pay it off over time, or to use a debit card rather than write a check. By offering your customer options, you are opening the doors for increased revenue,” said Dana Badgerow, president and CEO of the BBB. “However, before selecting your merchant processing service, it’s imperative that you study your options carefully.”
The BBB recommends the following tips to consider when selecting a merchant processing service:
Ask around. Like with any important business decision, always make sure to get at least three estimates and check the BBB Business Review® of the merchant processing service. It may also be worth asking other fellow business leaders what service they use to get a feel for its track record.
Know where to turn. Make sure the merchant processing service has a solid support team. Can you contact them 24 hours a day? This is very important to business owners who are trying to process a credit or debit card outside of the typical business hours. In any case, technical support is a must and it’s vital to your business’ success to make sure that the merchant processing service you choose has it.
Try them out. Don’t settle without a trial period. By making sure that the merchant processing service you choose has a 100 percent money-back guarantee before selecting them, you can save yourself a lifetime of hassle. Try their service out. Do they keep the promises they made to you?
Make sure every penny you spend is necessary. If you have a question regarding a fee that you were charged, ask! Staying competitive with other merchant services is the name of the game for these processors, so they will want to do everything they can to ensure you are happy.
For more business information you can trust, visit www.bbb.org/us/bbb-news.