Everything You Need to Know About Merchant Services

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Merchant Services

It is high time for your organization to consider looking at the expenses of operation. One of the best places to discover savings is the merchant account fees. Continue reading to find some fantastic tips regarding merchant services.

Reputable reps
It is a vital area, and you must be careful when looking for someone to represent you. The person that acts as your rep should be someone you can trust. Some salespersons can take advantage of the business. Also, it should be someone with the experience that is required in the field.

Understand pricing models that are common
Regarding processing of credit card, there are pricing models that are standard. They include tiered pricing, flat rate, and interchange or the cost-plus pricing. Some of the processors that made flat-rate pricing famous are PayPal and Square. For Merchants who process small volumes monthly, flat-rate pricing could be the best. Though you may pay more per every transaction, you will be able to comprehend everything, and in many times there is no ancillary fee. There are three levels or even more at times for tiered pricing. The three features are mid-qualified, non-qualified and qualified.

Asking the right questions
Regarding a merchant account, there may be many ancillary fees. It is therefore important for you to ask the right questions at the time of negotiation with a new provider or even up front. Some of the issues you should ask include the following:
• Whether the fee charged is annual
• Whether you are paying monthly minimum penalty
• Whether what you are signing is a contract term and what the early termination fee is
• Knowing the monthly service
• Knowing the batch fee
• Knowing the American Express transaction fee
• Whether there is a set-up fee
• Whether there is application fee
• Knowing the PCI compliance fee
• Knowing the funding times
• Whether you have Amex One Point
• Whether your charges will be debited monthly or daily
• The type of online reporting that you will be availed
• Whether there are fees regarding reprogramming of your existing payment gateway

Understand contract terms that exist
If you discover that the processor currently has been overcharging you for years, but there is another processor that you can trust hence you want to move the business, you can consult with the new processor. They may decide to split the termination fee if you agree to sign a contract with the new processor. Merchant 356 is one trustworthy merchant that you can take advantage of and be successful. It is therefore highly encouraged to use Merchant 356 and experience the best merchant services.

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Merchant Processing Myths and Facts: About The Merchant Processing Industry

Posted By Merchant365 ATM Placement / Merchant Services / facts, merchant processing, merchant services, myths / No Comments

When it comes to merchant services and payment processing, there are many misconceptions out there. These can cost your business money if you believe them, which is why it’s important to separate myth from reality. Here are five of the biggest myths and the truth behind them.

1. Services Are the Same Across All Merchant Processing Companies
This couldn’t be further from the truth, as one merchant processing company could offer vastly different features and services. For example, one may help you with terminal setup while another does not. One may not have cash advances at their terminals or won’t offer gift card programs. It’s important to verify that a merchant processing company has the features your business needs for right now and in the future.

2. Merchant Processing Companies Have Similar Pricing
The amount you pay for merchant processing can vary significantly depending on the company you choose. Each will have its own standards regarding what constitutes a high-risk company, and they will also have their own pay scales. This is another reason why it’s smart to check out multiple options.

3. You Can’t Get Out of Your Contract
Think that you’re locked in once you sign a contract? There’s often a way out, and when you’re switching to a new merchant services company, the new one may help you get out of your original contract.

4. There’s No Need to Pay for a Terminal
There are plenty of companies that provide standard terminals free of charge, but this is one of those situations where you get what you pay for. A modern, high-grade terminal will have more features and be better for your customers.

5. It Won’t Impact Your Bottom Line If You Fail to Accept Certain Payment Methods
If you don’t accept certain payment methods, you’re cutting down on your business’s potential profits and risking dissatisfied customers or potential customers. You’re going to have customers who wish to pay with their debit card, a gift card and a payment app, such as Samsung Pay or Apple Pay. Not everyone will have an alternate payment method available, which is why it’s best to accept as many payment options as possible.

It can be tricky to choose a merchant processing company, but here at Merchant 365, we can handle all your merchant services needs. Give us a call today to get started.

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