6 Things You Should Ask A Merchant Service Provider When You Are Trying to Find the Right Fit for You

In today’s business arena, over 85% of businesses process credit and/or debit cards, and the percentage keeps climbing. Choosing a merchant service processor can be an overwhelming task. Each provider has a unique set of fees and contracts, and it’s vital to understand the numbers so that you find a merchant service processor that feeds your business model needs. To prepare for this complex marketplace, here are five questions to ask to make sure you're making the bet decision for your business.

.   How quickly will I see my transaction funds?

The goal for any business is to make the sale and see the funds hit your bank account, right? Before committing to working with any merchant-processing provider, be sure to inquire about the speed of the process. With some providers, it may take four or five days to see the funds hit, whereas many other merchant service providers deliver funds in as few as 24-48 hours. Cash flow is vital to any growth plan, so funds availability is an important factor to consider when making a decision.  Apex Payment Solutions prides themselves on next day funding - We know that it is important for a business to receive those funds as quickly as possible!

2.   What type of support is offered?

We all know that when things go wrong, they don’t go wrong between the hours of 9 a.m. and 5 p.m. Monday through Friday. If you operate a 24-hour business and you experience a glitch at 3 a.m. on a Sunday morning, it’s essential that your provider is available immediately to help you get through the issue quickly.  You need to talk with your provider to make sure that there is a solution for when glitches happen.  At Apex Payment Solutions, we make sure that your Sale Rep will be the first point of contact in order to help with a solution.  However, we know that they are not always available at every moment, so we are backed by First Data that offers 24/7/365-day support team for all clients.

3.   Will your payment solution integrate easily with my website?

Again, whether you’re handling the back end yourself or you’ve hired a consultant to do it for you, this question is incredibly important. You (or your technical consultant) probably don’t have time to go looking around for documentation on integrating the payment solution into your custom shopping cart. Your provider should help you find a solution that fits best with your online business.  There are several options out there, and your provider should be well versed on what should work for you!

4.   What equipment do I receive and for how much?

Many merchant services providers will try to convince you to lease a terminal.  Some merchants end up spending nearly $1,000-$1,500 per year on leasing a terminal when in most cases they could outright buy a standard machine between $175-$350.  You also want to make sure that your machine is EMV compliant since in the future it will be a requirement in order to accept credit cards.  Once again, this should be something that your provider explains to you.  They should be working on a way to save you money now and in the future.

5.   What are your rates and what do they mean?

This can be a tricky question, because you need to search for the right balance when it comes to rates and fees. The best advice that we can give here is to make sure that you have a provider that will take the time to explain the rates and fees line by line.  You want to make sure there a no hidden cost.  If a provider does not want to sit down and explain this to you, there is probably something that he/she is hiding.  It is important that when you are shopping around that you find a provider that will do a complimentary cost analysis for you based on your statements.  This will give you a better handle on knowing what you are currently being charged and what a different provider can offer you.

6.   Is there a cancellation or early termination fee?

Ideally, you want a processor that won’t charge a termination fee. But if you must pay a fee for leaving before your contract expires, you should make sure that it isn’t more than $200-$400. You also want to avoid processors that stipulate a “liquidated damages” termination fee – this means you'll be charged for the estimated amount of the full contract, if you cancel before it expires.  Apex Payment Solutions believes whole-heartedly in their service and rates that we do not have an early termination fee as long as a business gives us a 30-day notice before termination.

These six questions will help you find a solution that will become an integral piece of your merchant processing needs and overall business growth plan. This list is in no way complete - it rather provides a baseline for early research and knowledge for what you should be looking for when trying to identify a provider for your business.  After all, the right processor can make a pretty significant difference to your overall bottom line.

Contact us today to find out more about our service and how we always put our client’s needs first.  At Apex Payment Solutions, we are not only a merchant service provider; we are a part of your integral business team.  We want our clients to know that we are here to help them with their overall business goals – we want to see them succeed and help save their bottom line.