When you started your small business, you may not have realized what you were getting yourself into! But here you are, and you’re actually doing quite well. In fact, it’s time to get some merchant solutions going to help accept payment and make your finances easier. Wait…merchant solutions? You’re not exactly sure what that is. So first, let’s take a look…
What are Merchant Solutions Exactly?
Merchant solutions encompass the category of financial solutions that businesses use. A whole list of things falls into this realm, including things like cash advances, point of sale systems, credit and debit card payment processing, check guarantees and even gift card programs and loyalty cards. So as a business owner, it’s basically the different ways you’re going to accept payment.
Because people these days rarely use cash, merchant processing solutions have become a necessity to the small business owner. Even personal checks are going by the wayside so it’s harder to determine the ways to accept payment. Usually, a fee comes with payment services, like credit and debit cards, so it’s important to check around and find the best method for your business’s needs. On the bright side, a lot of different solutions exist to meet those specific needs. And you don’t want to end up declining credit cards because of the fees attached – that could end up costing you more than the fees with the loss of transactions and customers.
Things Every Business Owner Should Want in Merchant Solutions
No matter your business or how you run it, some things exist across the board. Those are things like great customer satisfaction, the latest in payment technology and a focus on individual needs. Those individual needs may depend on factors like the size of your company, whether you sell product or service, and what it is exactly. A high risk company, like fire arms or bail bonds is going to need a specific kind of merchant solution as opposed to a more status quo company. When looking for a merchant solution, you want a company that can meet these needs. Without them, you won’t be happy, and neither will your customers.
What You Can Do to Find the best Merchant Solutions for Your Business
Now you need to find that good merchant solutions company, so it’s time to search. Here are a few things to look for while finding the right merchant solution.
- Shop Around. Do a little comparison shopping when you’re looking and ask questions. Some good ones to ask are things like:
- Are there hidden fees like contract fees, cancellation or statement fees?
- Can any fees be waived?
- Can lower fees be awarded according to volume?
- Should you consider a credit card terminal or maybe a mobile credit card reader?
- Manage your credit card sales with minimums. Talk with your solutions company about creating a minimum for credit card purchasing. Maybe a charge of $5 isn’t worth it because of your transaction fees. Let your customers know this if it’s something you’re considering. Figure out what makes sense and what doesn’t.
- See what you can pick and choose. The best companies will let you pick and choose your services to make your plan individual and the best for you. Some things to consider are your the size of your company, how payment is made, the different fees associated with purchase and what you sell.
- Pay attention to fees. There’s no way around it; you’re going to have fees. But have the fees for what is necessary, not for all the extras. For instance, efficiency may be more important than everything being quick and easy. Every fee counts, but not every fee is necessary. Choose what you need and try not to pay for what you don’t.
You probably have found that you have expenses and fees everywhere you look, from your utilities to your product vendors to your merchant solutions company. But some of these can be kept at bay and with a little shopping around, you can do it. Find the merchant solution company that fits your individual needs, not everyone else’s. Find someone willing to work with you, to meet your needs and help your business grow. Once you have the right merchant solution, sit back and see how much easier things can be.
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