When going into business, it is imperative that you have a plan for safe and efficient payment processing. This is where merchant services come into play. Merchant services enable a business to accept a transaction payment through a secure (encrypted) channel by use of the customer's credit card, debit card or NFC/RFID-enabled device. There are many companies that provide these services to businesses. To aide in selecting the right company, a business must first figure out its merchant-services needs — and then compare the cost-benefit structure of those companies.
Figuring Out Businesses' Needs
As a decision maker in a business, it is crucial to identify all of the needs of the business to properly select the right merchant-services company. Basic questions to ask are:
- How will your business accept funds? Cash only, use of credit/debit cards, gift cards, checks, etc.?
- Will your business use loyalty/membership cards?
- Will your company contract business online, in-person or through both methods?
- Does your company want to utilize the most up-to-date technology for receiving funds?
- Will your business need detailed reports and analyses of all transactions?
Every merchant-servies company will provide similar services, but a little research will reveal a few unique differences. Addressing the above questions will help you choose the best merchant-services provider for your business.
Cost-Benefit Structure of Choosing a Merchant Service
After narrowing down the pool of merchant-services providers to a few viable options, it is best to compare these providers based on the benefits they can provide and the actual costs it will take to do business with them. Most of these companies will charge a small percentage of each financial transaction they receive on behalf of the business. These percentages vary with each company and the type of transaction received. Some may even charge a flat rate for a designated total amount of received funds.
The benefits that merchant services can provide are timely 24/7 customer service, discounted rates over time, highly efficient technology packages, reporting functionality, varied product lines and more.
For information about merchant services, contact TelWare at 1-800-637-3148 or firstname.lastname@example.org. TelWare is a national leader in the installation of voice, video, data and unified communication solutions. TelWare is an Authorized Avaya, Star2Star and SimpleWAN Dealer.