At One Payment, we love providing you with great ways to enhance your business! Searching for a merchant processor is no easy task, and this article will show you some great ways to find the best processor for your business!
What Are You Looking For?
When selecting a processor, it’s important to ask yourself how they could best enhance your business. Also, ask yourself what types of features you need in a point of sale system. What works for one business might not work for another, so make sure to have goals in mind before you select a processor.
Do Your Research!
It is vitally important to research any potential company before signing an agreement with them. If they have great reviews, then you should be in the clear. However, if you see a couple of questionable reviews, you might want to pass on that company. Make sure to check out their BBB rating!
Read before You Sign
While this might seem like a no-brainer, make sure to read any potential agreement before signing! Inquire about their cancellation policy and ask if there is a trial period where you can cancel without penalty if you don’t feel that the company is right for you and your business. It’s also important to ask when funds will be available. While some funds are available immediately, others can take up to three days. Depending on the nature and size of your business, this might be a huge factor when you make your decision.
In addition, make sure you inquire about any termination fees, monthly minimum fees, application fees, PCI and non-PCI compliance fees, and anything else that might not be directly related to your contract. The last thing you want is a monthly statement full of unexpected fees! If the company will not release that information, that is a sign you need to look elsewhere for your processing needs.
While one can never be too careful when selecting a company, make sure that what the representative told you on the phone is reflected in the proposed contract. If you’re getting two different stories, you need to get the information clarified or take your business elsewhere. Staying informed now will serve you well in the long run!