Choosing a merchant services provider for credit card processing is a top priority for every business owner. Unfortunately, merchants are prone to make mistakes during the payment process. So, they need some careful thought and preparation to avoid the common errors every business owner makes. Join hands with CLARUS to get reliable merchant services for your business.
Adding a payment processing system to your business is of utmost importance. It makes your business stand out and helps your customers enjoy an easy payment process. All of that is possible with the right merchant services. It’s not that hard to choose a merchant service, but you should be wary of some facts.
But before that, get your credit card portfolio valuation to get eligible for a merchant service. Here are some common mistakes a business owner should avoid when choosing a merchant service:
1. Opting for a Service That Won’t Provide Fast Access to Your Money
Go for a credit card portfolio acquisition before applying for a merchant service.
There are certain situations when a processor may freeze your money. And it may jeopardize your whole process of moving forward with things. Butit happens when they notice any dubious activity. So, it’s best to read out the anti-fraud policy of your merchant service provider.
For instance, clearing a legit sale that may unknowingly trigger their anti-fraud response should be an easy and quick process. Make sure it does not freeze you out of your account. Also, get your credit card portfolio valuation to join hands with a reliable service provider.
2. Losing Out on a Setup Support and Ongoing Support
A credit card portfolio analysis matters the most before opting for a merchant service.
Before choosing a merchant service, you need to check if they have a quick and easy setup of a payment processing system. Also, check if their services offer instant support whenever you need it. The best merchant services provide everything from installation support to any issues with sales transactions as well. Make sure they cover you for 24 hours a day, seven days a week.
Also, look if they include credit card portfolio acquisition in their service.
3. Failing to Protect Against Hidden Charges
Low charges are attractive, to be honest. After all, every business owner wants to pay as little overhead costs as possible. But, be alert about rates that look too good to be true. Never get caught up in a merchant contract that shows incredible rates but actually offers a qualified rate.
These sorts of lower rates only come for a physical swipe. The actual amount may be much higher than the one in the clause.
Pro Tip: Ensure to conduct a credit card portfolio analysis for your company before choosing the right merchant services provider.
4. Selecting a Service That Doesn’t Promise Data Security
Every business needs to take a few steps to shield itself against fraud. But, installing your own data protection systems can get costly and time-consuming. Make sure to not pay extra for a service that is available at lower rates in the market.
However, be wary of low-rate services as they may compromise on data security and protection layers. Take a close look and select the best security service that comes under your budget.
5. Choosing a Service That Does Not Ensure Fraud Protection
What if your customer pays you with funds stolen from a compromised credit card? Does your merchant service provider have systems in place to ensure fraud protection?
These transactions are useless, but they may charge you for that. Go with the merchant service provider that will cover you in such transactions and won’t eat up your profit margins.
Always go for a merchant service provider that comes with PCI compliance. CLARUS is a U.S. government regulation to keep the process safe and store your customer’s credit card data. Enroll in a payment system today to make your business less time-consuming for customers.