When you run a small business, deciding which merchant services you want to use can take considerable time and effort. It might not always be clear which options would be best, and the type of services you use can have a direct effect on whether your payment methods are successful or not. By determining which traits you want your merchant service provider to have, you can make a choice that affects client relationships positively.
Here are some methods for choosing the best merchant services options for your business.
Do they offer real-time reporting?
Technology has made it easier than ever to keep track of which payments were made when. Real-time reporting allows you to access all the information related to your clients and payment data, so you can keep track of incoming and outgoing transactions. You can also narrow down results by time frame, which can make it much simpler to put together invoices and to see if sales have increased for your product or service. If you are collecting customer data, it can be helpful to have it all in one web-based system so you can spend less time on accounting and more time reaching clients.
Do they offer support?
Nothing is more frustrating than dealing with a phone tree rather than a real person when you have billing questions, and your merchant services should be able to provide your customers with actionable information. This might mean that they include one-on-one training or a stocked resource center that can allow a customer to ask questions about your payment system. It can be important to have a full understanding of how payments are made, and your merchant services provider should give you the tools to complete transactions successfully.
Do they provide next-day funding?
As more companies are using payment methods such as PayPal or Venmo, customers now expect their money to go to their bank accounts as quickly as possible. The merchant service you choose to use should also offer this as an option so you can remain competitive with other companies. It is possible that some merchant services charge a fee for next-day deposits, but it is also possible that your business can avoid these, as well. This feature can help to strengthen your relationships with clients and also make it simpler for you to keep track of payments.
Do they provide integration?
If you are going for simplicity for your business’s processes, then it can be important for you to consider what integration programs you might want to use. The right merchant services provider should be able to streamline your entire sales process from beginning to end, while also allowing you to see which areas need improvement. If you find that your system is riddled with duplicate data entry or manual errors, then it can be all the more crucial to think about implementing automation.
Merchant services can help you to create an easier, more direct way to engage with customers. Choosing the right ones can also allow you to develop better results with additional support, next-day funding, and integration.