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Country: United States Registration Date: Aug. 16, 2021
Selecting the best merchant service provider can reduce your expenses by thousands every year. Additionally, your payment system will have a direct impact on the experience your customers have. It's a win-win for both you and your client. You have a merchant service provider that is modern affordable, provides you with chargebacks and doesn't have surprise fees every customer who comes through your doors enjoys an enjoyable checkout experience. There's no reason to compromise on quality to save money or in the opposite direction.
These are the top questions to ask anyone you're considering working with. These questions can make the difference between good and bad decisions. Before we go into this, let's clarify what a merchant service company and merchant account provider are. When you are looking a full report about credit card processing Los Angeles, browse around this website.
What is a merchant services provider?
Merchant services companies are firms that offer a range of services and products focused on accepting all forms of payment.
They will set up a merchant account selling terminals, install POS systems, aid you combat chargebacks, provide the ability to invoice online, sales data - - you know what you need. Each merchant service company has an individual offering, but they all serve as a link between your business and payment processing. They should be your first source for all things related to payment.
Okay! On to the questions.
Questions to ask a Merchant Services Provider before you sign a contract
Are there any setup costs?
Some MSPs do. Some don't. If it's a steep slope, ask why.
Do you charge cancellation fees?
It is not advisable to work with anyone who is charged cancellation charges unless you have a 7-8-figure firm that manages $100k or more monthly transactions. Why should they charge cancellation charges if they're not able to gain your business month after month?
Is the contract really long?
The same idea applies Similar idea. The market for merchant services is packed with bottom feeders. This is how it is. However, anyone asking for a commitment of 5-7 years, and a huge cancellation fee is probably one of these. Avoid them.
Do you have a processing or transaction quota for each month? What are the penalties in the event that there is?
Another warning sign. Merchants could charge you more in the event of a poor month. We find that ridiculous at Tidal as they make money for every transaction -that is, they make more money on good months. This should be a partnership and not one where the merchant service provider beats you back when you're not doing well.
Similar to the previous question, is there a transaction limit? Does there exist a transaction cap or limit? If yes, what are the fees for exceeding it?
Similar concept. They already make more! So why should you be punished?
Is there someone on staff who can help me with chargebacks?
Merchants are constantly faced with chargebacks. Highly regarded MSPs such as Tidal provide chargeback assistance to fight fraud and customer chargebacks.
What's your company's policy in relation to PCI Compliance?
Even if you're using PCI-compliant software doesn't mean that you're PCI compliant. PCI compliance is its whole little world, and some merchant services providers leave it up to you , while others proactively equip with the most effective resources and software. The latter should be the case.
If they have a low start-up fee, what is the reason? Why don't they have an entry rate they can trust?
Here's the deal. It's not fair for anyone to give away hardware, software, or low payment processing rates, in the hope that they can make it up elsewhere. If a deal or rate is too appealing to be real, it most likely is -- this is the best place to search for fees more than anywhere other. You should not accept an offer that provides free terminals or a flat cost of 1.5%. They're or are taking advantage of your circumstance or they'll soon be out of business.
Are you eligible for breach assistance?
Some Merchant Service Providers like Tidal offer breach assistance in the event of PCI compliance violations. This is an excellent thing to have in in the event of a breach.
What kind of software and hardware do you all sell or offer?
The top merchant card processing service providers will provide users with the hardware and software you need -all the way from PCI and HIPAA compliance dashboards, to sales analytics, and even smart, mobile terminals. Make sure the MSP you're considering has what you need at a reasonable cost.
What kind of technical assistance does this company offer?
There is nothing worse than an outage in a hurry and your MSP not being able to assist. 24/7 technical support is the only option.
What rate do they charge? Flat rate or some combination? Interchange plus? Both? How will they aid your company in deciding which is the best option for you?
Your MSP should sit down with your statement and figure out what's best for you. All businesses are not created equal and, based on your transaction types and frequency, you may be a better fit for one type of pricing system than another. It is crucial to be sure to ask this question.
Core Payment Solutions
6513 Hollywood Blvd.
Suite 211
Los Angeles, CA 90028
Phone: (323) 332-9423
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