What to look for in a merchant service for your business

09-Aug-2019

A merchant service is essentially a type of service that a business uses to accept and process credit card payments from their customers. But as the payments industry continues to evolve and adapt to new technology, businesses now opt for modern practices to better serve their customers.

Since more and more customers now are embracing credit cards, businesses must try to adapt to their customer preferences. As such, it’s important for businesses to have a reliable merchant service that will allow them to accept and process credit card transactions from their customers.

However, there are tons of merchant service providers to choose from. Choosing the right one for your business might prove to be a challenge if you don’t know what to look for. So, what do you need to look for from a merchant service?

Reliability and a proven track record

It’s important that the merchant service you’re going to use for your business is reliable and has a proven track record like Barclays Merchant Services. This is what you need if you want your business to operate smoothly.

Keep in mind that the more credit card transactions you process, the more revenue you might lose if the card authorisation system provided by your merchant service goes down. You must look for a merchant service provider with a proven track record, especially when it comes to performance and reliability.

Do your research to see if there are several complaints and concerns raised against a merchant service provider. You can also ask other business owners who have used merchant services before and see if they can recommend one for you. 

Must have outstanding support

One of the most important things to consider when looking for a merchant service for your business is if it can provide outstanding support. Your provider should be able to give you help should you need it. Customer satisfaction is all about having fast and smooth payments, so having a provider who can give you support 24/7 can make all the difference.

When looking for a merchant service provider, it’s important to ask a couple of important questions. Who will provide support for payment related issues? When is that support is going to be provided? How much does the support cost? A great merchant service provider is able to prov 24/7 full customer support whether it’s through email or by phone and that’s what you need to look for.

Must be 100% secure


Security is one of the most important aspects of credit card transactions. Customers also prefer security than convenience especially when it comes to credit cards. It’s critical for a business to ensure the security of their customers especially if they’re accepting credit card payments. The complications of a credit card data breach are enough to bring down any business, big or small. This is where your merchant service can come in handy as it will provide you help in securing your business.

You should check out your potential merchant service provider’s payment compliance process and see if they’re able to provide security. Is your provider capable of monitoring and reporting credit card data breaches? Do they use secure payment technologies in their system? You might also want to check out if a provider can future proof your payment system so it can still adapt to more secure card processing technologies that are going to be introduced in the future.  

Must have good rates

Merchant service providers often charge their clients an upfront fee for setting up your business with a merchant account. However, most providers charge their clients on a quote-based pricing. You’ll need to get in touch with a provider to get an idea on how much this will cost you.

The setup fee usually depends on the volume of credit card transactions your business has. Also, don’t let yourself be fooled with providers that have unbelievably low rates. Because they might use low rates as a bait to get you to sign a contract with them.

Conclusion

The time you spend in looking for the best merchant service for your business will definitely pay off once your merchant account is already set up. Although it’s good to have a merchant service provided at a low rate, it’s still advisable to choose a merchant service that is reliable and secure. You need to take a deeper look into these important factors if you want your business to provide a safe, secure, and reliable credit card payment process to your customers. Be sure to take these things into consideration so you’ll be able to find the best merchant service provider for your business.