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Best Practices For Selecting A Merchant Processor

Choosing a merchant processor for your business isn't easy. There are so many providers out there that it’s sometimes hard to know exactly where to start. 

Many businesses focus on fees, which makes sense. Since each transaction costs money, it's only natural that you’d try to reduce processing fees as much as possible.

However, merchant fees don't simply vary across providers. They also change depending on the size and nature of your business. For example, larger companies often qualify for lower fees than do smaller ones. And online merchant processing fees are often different than what you’d pay if you operate a physical retail store. 

Furthermore, don't forget all of the hidden fees that merchant processors might not advertise.  For example:

  • Are there penalties for chargebacks, refunds and early contract terminations? 
  • What does it cost to lease equipment such as POS terminals?

Cost shouldn't be your only concern. In fact, you're sometimes better off paying a little bit extra if you find a merchant provider that is ideally suited for your business.

Below are additional considerations worth exploring.

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Credit Card Merchant Processing Track Record

Fees can be expensive, but fraudulent losses are even costlier. This is why you want a payment processor with a proven track record in PCI-compliant data security. When it comes to payments, experience counts.

The Payment Processing Contract Length

Shorter contracts are best, especially in the early stages. Once you have a working relationship, you can always scale up (and negotiate lower rates). Just know that there are sometimes early termination fees if you opt out of the agreement prematurely.

Payment Processing Flexibility

Your business might be entirely online, or perhaps you handle all transactions face-to-face. Things could change, so it’s best to select a merchant processor that supports all card payment methods (i.e., mobile processing, virtual terminals, EMVs, etc.). That way, you won't have to switch providers as your business expands.

Customer Service Support

Do not underestimate the importance of free and accessible customer service support. Problems can crop up anytime, and you want to be able to connect with your merchant provider 24/7. Email is OK; phone and chat are better. 

BluePay’s Credit Card Merchant Processing Solutions

There’s a reason why more than 42,000 merchants around the globe have entrusted us with their payment processing. In fact, there are several reasons: 

  • We offer some of the most competitive rates in the industry, complete with transparent pricing.
  • We have a proven track record when it comes to data security. All of our payment solutions adhere to the strictest PCI-compliant standards, which is why we’re able to securely process $11 billion in transactions every year. 
  • We offer payment integration with 320 of the most popular business platforms in the world, including QuickBooks, Salesforce, WordPress and Zen Cart.
  • We not only provide 24/7 customer support, but we also monitor your account to provide real-time protection against suspicious activity.

You have many different merchant providers from which to choose, but if you select BluePay, know that we’ll work very hard to keep your business.

GET STARTED WITH BLUEPAY!

 

Topics: Getting Started with Payments, Merchant Accounts, Awareness

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