Looking for a Merchant Service Provider- Read This!

Over the past few years, usage of electronic payments has increased drastically whereas payments with cash and check writing are much less preferred. The Visa Payment Panel Study conducted in May 2010 also found that the use of plastic payment methods has increased with time. It jumped from 78 percent in 2000 to 91 percent in 2008. Also, the use of checks came down from 84 percent to 69 percent during the same period. It is easy to figure out from these figures that the merchants who still aren’t accepting electronic payments are lacking behind in gaining more customers and creating a strong market base.

Therefore, it is very important to accept credit/debit cards for both retail and online business. There are many banks that offer merchant accounts but it’s not easy as it seems to be to get a merchant account from a bank. Moreover, the process to get a merchant account from a bank is complicated and there are a lot of conditions that need to be fulfilled in order to get a merchant account from the bank. Banks also don’t offer any advanced processing solutions or any value-added programs that are needed to gain more customers.

Thus, finding a merchant service provider is a great option. The following is the procedure to find the right merchant service provider that gives your business an upper edge over the businesses.

Finding a Merchant Account

There are two kinds of Merchant Service Providers (MSP’s) that deliver card processing solutions to merchants- Acquirers and Resellers.

Getting Right Equipments

For processing payment electronically, you will need the right equipment and services which depend on the type of business you have. If you have a retail store then you will need point of sale (POS) terminals, web-based payment gateways for online business and wireless terminals for mobile merchants. Thus, take the help of your sales representative to explore various options and figure out the right equipment for your specific business.

Fast Approval and Setup

Don’t think that setting up a genuine merchant account takes a lot of time. Get in touch with a reputed merchant service provider who will complete the whole process in no more than 3 days.

Getting the Right Training

A good merchant service provider will not just be limited to setup of a merchant account but also to provide you and your staff the right assistance in using it. This will help you to make effective use of services to gain new customers and increase profits.

Merchant Accounts are Not Expensive

It’s not a big deal to get a merchant account even for a small mom and pop business. It is easily affordable and can help to increase sales and make your business grow.