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Finding the Best Merchant Account

09/17/2020

Written by Marketing Department

Written by Marketing Department

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Merchant accounts allow your business to accept payments

Do you operate an eCommerce business? One of the easiest ways you can make your business more productive and reduce the day-to-day hassle of accepting payments is to find the best merchant account. The best merchant account services can protect both you and your customers, speed up transaction times, and save you money in the long run.

Why you should find the best merchant account:

  1. Expose your business to more customers
  2. Speed up processing times for you and your customer.
  3. Build trust.
  4. Reduce fraudulent chargebacks.

The best merchant accounts also offer the advantage of advanced reporting products. With web-based analytic data, you can immediately see each sale made, the status of the payment, and whether you need to take any action to address chargebacks. This information is very useful when it comes to balancing your budget and preparing your taxes.

Since this is an ongoing process when running a business, the easier it is to see your financial history at a glance, the faster and more accurate your accounting process becomes.

What to look for within the best merchant account for your business:

When searching for the right merchant account for your business, you should look for providers that offer reliable tools and services that will allow you to quickly and securely accept credit card and electronic check payments, build informative reports, and more.

Card Acceptance

The best merchant account services providers will have a comprehensive array of products, services, and an expansive knowledge base to help you streamline your operations.

From reducing fraud to building an integrated eCommerce store, the right merchant account can serve as your one-stop shop to accept credit cards. With credit card acceptance programs you will be able to get up and running in no time with the ability to accept all major credit card brands such as Visa, Mastercard, American Express, and Discover.

Reporting Products

The best merchant account provider understands the necessity and importance of time-sensitive information and will, therefore, provide you with direct online access to valuable analytics and reporting tools.

Reporting products will help you identify and eliminate unnecessary costs incurred from chargebacks, assist with reconciliation, and investigate customer inquiries regarding charges on their cards.

Electronic Checks

Electronic check acceptance converts paper checks into electronic payments at the point of sale. These funds will then be automatically deposited directly into your bank account, similar to the process used for credit cards.

Using the best merchant account, electronic checks will help your business:

  • Improve cash flow
  • Eliminate return checks and returned check fees
  • Eliminate deposit fees
  • Reduce the risk of fraud and chargebacks
  • Provide a quick and convenient method for accepting checks
  • Debit customers’ bank account monthly using recurring payments

POS Solutions

The best merchant account will offer a wide range of standalone terminal and PC solutions to give your business the flexibility it needs.

It’s important that your merchant account provider offers a variety of POS solutions from expanded memory capacity and integrated printers to state-of-the-art touch screens and high-speed internet-enabled terminals.

If you have been doing business without a merchant account, you don’t necessarily know what you’ve been missing. Think of every time you had to deal with a chargeback or dispute with a customer, and there was no one there to help you. Think of all the times you searched for information regarding a past transaction without being able to access it instantly. Consider all the business you’ve lost because a customer wanted to pay with a credit card and you had no way to accept their payment. Now, imagine how much money you could save and earn if you didn’t have to deal with these problems. That’s the kind of power a reliable merchant account can put in your hands.

More Sources

Paul Downs, an editor and business owner, not only searched for a new credit card processor but also wrote of his experiences throughout his hunt. Paul writes for The New York Times and is an editor for a section of the online publication titled, “You’re the Boss: The Art of Running a Small Business.” In these four articles written by Paul, he explains the obstacles and difficulties he encounters when trying to find the right merchant services provider for credit card processing.

My Search for Reasonable and Understandable Credit Card Processing
My Search for a Credit Card Processor, Part 2
My Search for a Credit Card Processor, Part 3
Choosing a Credit Card Processor (and Drawing Some Conclusions)

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