What is the best merchant account for me? This simple yet complex question can be one of the hardest challenges for any new or existing company. There are many options available with current merchant services. The vast varieties can often times be purposely confusing. The difference between two providers can often be dramatically different. With one firm, you may have 20 separate fees within your merchant statement and with another firm, you may have 25 separate fees all with different names. Very few firms have fees that are simple and it’s hard to know who in fact has the lowest rates.
After figuring out who has the appropriate fees you also have to worry about customer service, security, equipment options, chargebacks, Embedded Microchip Verification (EMV), reliability and much more. It doesn’t do you any good if you have the lowest rate possible but unreliable service. We (KOMG) use the information you provide to connect you with a firm that meets our strict guidelines and assist in adding a layer of confidence.
We have added a few of the basic terms so you know what questions to ask when you are contacted regarding your options for credit and debit card processing.
Customer Service – is a huge factor in a daily operation. If you have a store front and your merchant service account goes down then you can’t process cards, you could lose business. If your provider doesn’t offer 24 hour customer service and it is Friday at 5, you could face 2 and ½ days of prime shopping without one of the most basic finical needs of a business.
Security – This is a massively complex vertical within the credit and debit card field. Is your connection secure, encrypted, does your provider meet ever-changing requirements? We have found smaller firms often don’t have the ability to keep up. The past history of a firm often lets you know how they will keep up in the future. One option you may wish to consider is starting out with EMV or switching to EMV.
Equipment options – For each type of processing different fees apply generally. It’s important to be able to charge when and where you need it. If you need the ability to process on the go, over the internet, over a phone line, on a computer and even integrated to a website or POS system, having the correct equipment is crucial. Being tied in to a system or a provider that can’t change options as needed; can seriously hinder your options.
Chargebacks – A chargeback is the returning of funds to a customer, forcibly instigated by a finical institution to settle a liability. Liability can now be added to business owners in the case of fraud.
Embedded Microchip Verification (EMV) – This is the newest US adopted security feature. Credit/Debit cards will have integrated microprocessors that will encrypt card information and card readers will also have enhanced security features that work with the new style of cards to create a more secure form of processing. If you don’t use EMV cards you may have larger liability if fraudulent action are taken.
Everyone should be able to find a merchant account that is suited to their needs and that’s what we aim to achieve. Let us help you find the perfect fit.