Being self-employed since 2004 I know that running a small business can take up most of your time.
In fact, people who are self-employed tend to work much longer hours than people who collect a paycheck each week.
When it comes to running your business the last thing you need to worry about is getting paid from your customers or clients. And whether you already accept credit cards or you’re looking for a new provider follow…
Three Small Business Merchant Services Tips
In order to find the best company for your business it really depends upon your situation.
For example, the type of business you run (retail, professional practice, virtual, e-commerce) and the type of account that you need:
- Will you accept request face-to-face?
- Do you need a POS system?
- Will you accept credit cards online?
- Do you have multiple locations?
As you can see these just a few questions that help determine which merchant services provider will be right for you.
Additionally, there may be questions concerning your credit score and whether or not your business is considered “high risk.” If you have any credit issues it doesn’t mean that you cannot get an account – rather, it means the range of providers who are willing to work with you is limited.
Next, you want to check on any free equipment programs (for retail) or free gateway set up (for online/e-commerce).
Many merchant services providers are willing to offer you incentives in order to get you to open up an account with them. So it pays to ask about any offers, along with any fine print that may apply. It is also important to make sure that any credit card terminals – or POS systems – are new (rather than refurbished) and PCI compliant.
If you have a retail business make sure that you do not end up with a credit card terminal lease, because lease programs are noncancelable for 48 months and will cost you many thousands of dollars down the road.
Finally, make sure that you avoid any early termination fees that may be associated with your account.
Any merchant account provider worth dealing with will be able to waive the fees for your account.
The number one problem most business owners run into with accepting credit cards is getting stuck in a bad contract that will cost them hundreds with thousands of dollars to get out of. So be sure to have any early termination fees waived prior to signing up with any company.
- type of account
- offers and incentives
- avoid early termination fees
Does that makes sense to you?
I hope you found this information helpful. Please feel free to share your comments below.
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