How To Choose A Great Merchant Services Provider For Your New Company

category: News posted: June 06, 2017
How To Choose A Great Merchant Services Provider For Your New Company

Oh, merchant services. It’s the shopping procedure that most people can’t stand to think about when they begin a new company. For many new businesses, hearing sales spiels from merchant services groups is about as fun as going to the dentist. The problem is that you can’t really run a business without having the ability to read credit cards and “check” checks. Studies show that cash-only businesses are less profitable than those which aren’t. So, if you want to boost profits, you need merchant processing. Here’s how to pick the right company for you.

  1. Think about what you want your merchant processing service to do. New terminals allow you to do way more than just read credit cards. They allow you to schedule workers, start loyalty clubs, get sale prices in a pinch, as well as have your own online store. These apps can really drive down the operating costs of your company. If you like the idea of using apps, you will need a merchant services company that offers more than just cheap terminals. Similarly, you may need to look into companies that offer merchant cash advances, fast loans, and similar services. After all, merchant services are more than just credit cards.
  2. Then, think about the benefits of renting or owning a terminal. More often than not, owning a terminal cuts costs for business owners – and also adds a major asset to their company. Rental fees are expensive, and studies show that price could increase. On the other hand, if you’re thinking of upgrading in the near future, a rental may be a better choice. It’s worth noting that high quality, secure terminals will often cost somewhere between $300 to $1500. However, that money is often well spent.
  3. Start looking at companies. Pick out at least three to four companies that have services and terminals you like. Then, call them up – or apply for a contract with them.
  4. Talk to them, hear about their contracts, fees, services, and guarantees. It often takes a conversation to really get the gist of what they offer. Think about how you feel when you talk to them, too. In many cases, the company that makes you feel confident in their services and educates you will be the company that you want to side with. Take notes – or ask to get things in writing.
  5. Choose the one that fits your needs best. When you finally talk to at least three, you will be able to make a better decision.

It’s really crucial to choose a company that will grow with you, educate you, and work on your behalf. At Red Payments, we believe in helping businesses make the right decisions for them. Give us a call, and let us help you grow.