When starting a new business, one of the things that you’ll have to determine is how you want to accept payments. Being able to receive credit card payments is essential, as so many people are using credit and debit cards in today’s market. If you are trying to make sense of credit card processing, choosing a merchant account can be a challenge. Here are a few tips to keep in mind to avoid common mistakes when choosing your merchant account.
Payment Processing Charges
Before choosing any merchant services provider, it is critical to make sure that you understand how they charge for their services. Many payment processors offer a “to good to be true” low rate to entice merchants to sign up with them. However, merchant services providers can charge in a variety of ways for helping you with your payment processing needs and it is essential you ask about all the fees associated with the account. Most likely you will quickly realize their “to good to be true” pricing is just that. At Switch Commerce we offer complete clarity on pricing and we want our merchants to understand exactly what they will be paying. We work hard to keep our rates competitive and provide the best solutions possible for our merchants.
Accessibility to Funds
Another factor that you should take into consideration when choosing an account is how soon you will have access to your funds. If you can’t get the money, it’s not really doing you any good. While most payment providers take no more then a week to fund merchants money, there have been the horror stories of funds being held for several weeks. Find out what the policies are for each processor that you are evaluating. At Switch Commerce, we provide funding within 24 -36 to ensure our merchants have their money quickly.
Protection from Credit Card Fraud
When picking a company to work with, you should also find out if they offer any kind of fraud protection. When it comes to using credit cards, there are all kinds of scams and schemes thieves will try to use and many of these are designed to take advantage of the merchant. If you don’t choose the right account provider, you may not be able to get the help you need when something happens. Account providers have various tools at their disposal for avoiding fraudulent transactions. When the wrong company is chosen, it could result in you getting taken advantage of with no way to fix the problem. Switch Commerce provides our merchants 24/7 fraud monitoring and tools to become PCI-DSS compliant. Your security is our priority.
When Signing Up
When you are in the process of signing up for a new account, it’s important to make sure that you disclose all of the information necessary about your business. The process is designed to help protect you as the merchant and any information provided will remain completely secure.
If you keep these tips in mind, you should be able to navigate your way through the market and make a wise decision. If you have any more questions about choosing the right merchant services provider contact us today and we would be more than happy to help you make the right decision for your business.