How to Avoid Overpaying for Online Merchant Services
Many business owners already appreciate the importance of online merchant services. From letting you accept online payments to helping you manage your revenues, these merchant account providers can help you streamline your payment processes by a large margin.
Remember that all online merchant services in the US are not the same. Some differ by functions, pricing and other aspects such as support and user-friendliness. Business owners such as yourself must choose wisely to get the right overall value for your business.
This cost savings mentality is applicable whether you use a traditional point of sale (POS) merchant, or mobile merchant payment solutions. To help you avoid overpaying for merchant services, here are a few tips that will help you steer clear of excessive spending.
Compare the Prices
A straightforward yet effective way to avoid overpaying for online merchant services is by doing your research. Similar to how you wouldn’t pay blindly for antivirus software or a payroll solution, you need to do your due diligence before selecting merchant account providers.
Start your research process by asking yourself which online merchant services aspects are critical or “need to haves” and which ones are “like to haves”. This simple but effective start helps you to define which options would provide you with the best value for your dollars.
As a rule of thumb, providers that go by a subscription model are more affordable as compared to those who charge on a per-transaction basis. It’s because a subscription-based model allows you to enjoy more features at a lower cost.
The process to find pricing details is as simple as it seems. Visit the websites of popular merchant solution providers and note their pricing for key features you are looking to add to help run your business. If providers do not present their pricing plans, don’t hesitate to request a quote through email or phone.
Once you have a list of prices and features offered by all popular providers, you will be able to make an informed decision that improves your bottom line in the long run.
Compare the List of Services
An essential fact to remember that not all traditional or mobile merchant payment solutions offer the same breadth of services. If a merchant service comes at a lower price than the other, you must understand why.
As you compare each provider, make sure that you are going through the online service specs of each merchant services solution. If the complete list of features is not available on the website, ensure to request the details through phone or email.
Diving further into the research will prevent you from comparing apples to oranges, and provide you with an objective view of what the difference in price means. For example, you can shortlist providers that come with a subscription-based model that can pay high dividends over time. This strategy will help with choosing the best solution to get more value for your money in the long run.
This process of sifting through merchant account providers might take some time. But it is worth every second that you spend on it.
Keep Reliability in Mind
When it comes to paying lower prices for online merchant services, affordable doesn’t always mean better.
For instance, if you find traditional or mobile merchant payment solutions that promise you the world and dirt cheap prices, it doesn’t mean that you have hit jackpot.
Remember that many unbelievably-cheap merchant service providers often give unreliability a new meaning and sell their solutions without any credibility in mind. Simply put, they have no plans to follow through on their commitment to service.
As a result, you are likely to eventually find yourself with non-functional services and nowhere to turn to in terms of support. And you end up spending way more in emergency repairs, switching to a new solution, or solely in the form of losing your customers due to bad service.
That is why it is very important to pay close attention to service ratings and reviews. Always make sure to check for existing merchant service customer reviews on sites such as FitSmallBusiness.com, as well as recommendations and a list of clients. Going the extra mile and double-checking ratings and value helps you to steer clear of potential issues down the road in online merchant services.
At Fattmerchant, we make sure that our best-in-class services and reliable support provide you with excellent value for your business. Our subscription-style merchant services save business owners an average of $513 per month. For you, this means striking the perfect balance between affordability and performance.
Reach out to us at Fattmerchant for a free consultation and discover how our online merchant service solutions can help streamline your business today.
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