10 Facts About Merchant Account Processing
Merchant Account Processing
: There are many misconceptions about Merchant Accounts and their service providers. In this blog, we will try to reveal some of the facts about the Merchant Account Processing.
While opting out for a merchant account, and choosing a payment gateway, businesses usually make mistakes some way or another. Whether you are new to the business or have lots of experience, you still might have some misconceptions about it.
- Not Worth the Time – Firstly, entrepreneurs find that they have the best payment processing with the banks, some businessmen don’t care about the ease they get while doing the transactions through a merchant account.
- Expensive Affair – Yes, the merchant accounts don’t come cheap, but they are not costly either. They just tell you the fees in a package where all the things are segregated and revealed as one. As well as the providers tell you the fees in percentage so, you have a clearer perspective on the rates.
- Misleading Promotion – The misconception is that the service providers prevent the facts and sell the merchant accounts in higher percentages or give out misleading information as a result of non-formal training and burdened pressure to close a deal. Independent agents have a bad reputation for failing to disclose some of the more serious terms of the contracts they’re selling, especially early termination fees. Yes, there are some naturally talented and trained independent agents who have done well and can provide you with quality service.
- Bad Customer Support – This whole game survives on the customer as it is fully dependent on them. It is a complete misconception that the providers don’t want to provide good customer satisfaction.
- Payments are Going Cashless – Across the developed world, plastic and digital payments are overtaking cash. Cash is falling out of favor and the customers are more likely to pay by credit cards or online wallets than ever before. Offering solutions to the customers should be a merchant’s top priority (in this case, service provider), however, the rise in digital payments has also led to an increase in fraud and chargebacks.
- Not all Payment Processors are Equal – Like any other service, picking the right payment processor for your company requires due diligence. Payment processors offer different levels of service and technical expertise. Perhaps the biggest mistake one can make is to assume these services are standardized and pick the first one you come across. Dig deeper and try to find the right fit for your business.
- Technical Support is Crucial – Technical support is like insurance, you don’t realize how important it is until you need it. A person needs a friendly and experienced team of professionals on call. Most of the payment processors offer 24/7 helpdesk handled by experts who can guide a customer through any query.
- Consider Processor Fees – A cost-benefit analysis is another crucial part of running a business. Generally, a merchant service provider in this competition opts for the best rates and customer can benefit from this. The search for the cheapest payment processor has its own consequences. One needs to consider his margins, customer preferences, technical details, and quality of service before making a pick.
- Merchant Specific Services – When a merchant comes to get payment services, each one of them demands specific services like the freedom to trade to some of the specific countries, selling more products than what the website mentions.
- Customers Are Going Mobile So Are Merchant Accounts – 70% of shoppers and customers now use their mobile to buy services or items. The payments are going cashless as well as the merchant accounts. Therefore, to keep up with the market and remain competitive, one needs a payment processor that offers a reliable mobile payment platform.
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