Business Merchant Services

Merchant services are essential to process your payments efficiently. It directly or indirectly impacts your business finances, its operations and ultimately decides how you serve your customers. So, no matter whether you are planning to start using business merchant services for the first time or want to upgrade or switch your merchant services, it is good to know the things you should consider when choosing merchant services for your business.

So, What Are Merchant Services?

Merchant services encompass everything from software to hardware needed for companies to accept cashless transactions. Businesses rely on merchant services to accept and process debit cards, credit cards, NFC-enabled mobile wallets, and other contactless payments via a payment card reader and POS system.

Usually, you can get merchant services from third-party organizations (known as merchant service providers), like banks, payment gateway providers, independent sales organizations (ISOs), and POS manufacturers.

The merchant service providers act as intermediaries between businesses and the banks or financial institutions that process payments. While merchant service providers usually offer credit card processing services, they are expanding into other areas as well to enhance the transaction experience.

In order to process credit card and electronic transactions, you need a merchant account. Merchant accounts hold the funds before they are transferred to your business’s bank account. However, if you don’t want a merchant account, you can process your payments via payment processors like Lower Card Rates.

What Merchant Services Can We Do For Your Business?

However, when you use merchant services, you can accept payment via different payment methods via merchant services, allowing you to attract more clients to your business. Therefore, parenting with a merchant service provider can greatly impact your business operations, enhance your sales, and generate more business.

No matter what business you run, not every one of your clients or customers has access to cash every time. At times, relying only on cash payments can steer your potential clients away from your business, leading to reduced profit.

The primary purpose of merchant services is to enable your business to accept credit and debit card payments and ensure that customer card transactions are safe and secure. When a client makes the payment via a credit card, debit card, or other contactless payment methods, the payment process manages the flow of data and money from the client’s bank account to the organization’s bank account. In addition, it ensures everything goes smoothly and securely during the processing of payment.

However, before the funds arrive in the business bank account, the POS comes into play. The POS Systems keep track of all the information regarding the transactions, be it a merchant bank account or a client’s bank account. So, you can easily track your inventory, manage employees and their schedules, run reports, etc.

In addition, mechanic services ensure you don’t worry about payment processing and can easily focus on running your business. That is why having merchant services is crucial for any business. However, before you go ahead, you need to know how to choose the right merchant service provider.

Choosing The Right Merchant Services Provider

Since not all merchant service providers are created equally, it is vital to know your business needs at present and in the future. So, you need to do a little research to find out the best merchant service providers in your area, compare their services and prices and ask yourself the right questions to make an informed decision.

So, here is a list of things you should consider when choosing a merchant service provider:

While it is tempting to choose a merchant service provider that offers its services at low prices, choosing a merchant service provider just because of low rates can cost you a lot in terms of low sales or low client retention. So, you should always pay attention to other features instead of prices. Look for a merchant service provider that helps you run your business operations smoothly, enhance your customer base and business, and are transparent about their pricing structure.

Consider asking the following questions about the merchant service provider to make an informed decision:

  • Do they provide all the essentials required to run my business smoothly? The list of essentials includes software, hardware, and services.
  • Do they believe in transparency when it comes to pricing policy?
  • Can you reach customer support regardless of the time and location?
  • Is it secure to process various transactions via your potential merchant service provider?
  • What other services or tools do I need to grow my business?

You might be wondering why we are focusing on customer support, safety and security features, and what additional services you can expect from your merchant service providers. Let’s discuss each point in detail.

Why Is Customer Support Important?

Reputed merchant service providers know the value of customers and their time. That is why they are responsive and readily available when their customers need their support. So, customer support is essential to ensure you run your business smoothly. At Lower Card Rates, we provide 24*7 customer support to all our merchants.

Importance Of Credit Card Fraud Protection And Security

No matter what business you run, if your customer’s personal data is not safe, you can’t survive in the market. So, when it comes to the security of payment processing systems, you have to make sure your business and your customers are covered. At times, look for a system that:

  • Do they provide all the essentials required to run my business smoothly? The list of essentials includes software, hardware, and services.
  • Allows you to control how much access your employees have to your POS systems.
  • Requests the CVV or security code before processing the payment.

What Additional Services Can You Expect From Your Merchant Service Provider?

Some merchant service providers offer additional services, including cash advances, customer engagement and loyalty programs, and employee management. So, if you think these services can benefit your business, it is worth opting for those services from the same merchant service provider.

At Lower Card Grades, you can expect the following additional services:

  • Financing options, including credit lines and business loans
  • Employee and payroll solutions
  • Small business banking services
  • Business management app integrations