For most business owners the subject of merchant services is a sore one.
Somewhere in their experience processing they feel they have been taken advantage of.
This could be the result of a terminal lease scam, high rates, or contract cancellation fees.
All of these issues can be alleviated with one simple solution, communication.
Communicating upfront is the first step when shopping for a provider.
Make a list of the features that are important to you in your processing.
This may include customer service, whether or not there will be a contract, or pricing model.
Remember, the better your provider knows your business and exactly how you handle transactions the better and more custom fit your payment solution will be.
As always, communication is a two way street.
If your processor seems uninterested or is not taking the time to truly understand your business, move on.
Always shop at least three providers to give yourself the opportunity to see the pros and cons between them.
Once you have selected your processor take the time to build a relationship with them.
Processing is not a one -time interaction with no communication from there on.
It's extremely important that your processor continuously monitors your transactions.
Adjustments made concerning the way you accept cards can make sure throughout the year that your processing is as cost effective as possible.
By staying in consistent contact with your processor you not only guarantee their knowledge of your business, you also learn the ins and outs of processing.
This is the most important take away from this article.
Involving yourself deeply in your processing greatly minimizes the chances you will be taken advantage of.
As your relationship continues to evolve there is one major thing you can do to make your deal even sweeter.
Refer your processor new clients to work with.
Doing this on the premise that it will get you lower rates is a great way to approach it.
There's not a processor in this country who wouldn't give you a better deal in exchange for a few new clients.
Use this bargaining chip to your advantage and remember..
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if your processor is not protecting your bottom line..
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it's time for a change.