Whether you’re planning to set up a merchant account for the first time or are exploring your options for selecting a new processor, there are many things you need to consider. Luckily, we’ve gathered the answers to the top 5 frequently asked questions about merchant processing services. Being informed will help you make better decisions. Keep on reading to find the answer to your questions:
How Do I Know Which Merchant Processing Service to Select?
There are dozens of payment processor options to choose from, so how do you know which one is best for you? There are several key factors that will help you identify the right one for you. You should consider the following when selecting a processor:
- Industry Experience: Does the company have a proven track record in the payments processing industry? Check out their website and reviews.
- Tailored to Your Industry: It’s critical to select a payment provider with experience in your line of business. It’s a good idea to work with someone that can advise you on payment solutions that work best for your industry.
- Commitment to Data Security: Data security is really important. Tools that can help you identify and protect against fraud by securing card data are vital. These offerings should be integrated with your processing if possible.
- Customer Support: You may need training and support when you’re getting started. Look for a processor that offers 24/7 support.
Will My Business Qualify for a Merchant Account?
Most types of merchant businesses can qualify for a merchant account. The application process may vary depending on the type of business you have and the risks associated with it.
What Types of Payments Should I Accept?
At a minimum, your business should be able to accept:
- Traditional magnetic stripe cards
- EMV chip cards
These are the common cards (debit & credit) people usually handle. Depending on your customer base, you may also want to look into accepting check payments.
What does “High Risk” Mean?
The term “high risk: refers to the stability and security of your business’s industry. Normally, industries that have a higher risk of fraud are considered high-risk. This can include adult entertainment, casinos, or businesses in the cannabis industry.
How Long Will It Take to Start Accepting Card Payments?
The time frame will largely depend on your business’s needs. The process will be fairly quick if you’re a small business with one terminal. If you’re a larger business with many locations and terminals, the ramp-up time may be longer. Ask your possible merchant provider for an estimated time frame for your system to be up and running.
Opening up a new merchant account is a big step, so it’s common to have questions. We hope this blog helped answer at least one of your questions. If you want to learn more about merchant processing, contact Southwest Merchant Services today! Give us a call at (619) 251-8000, or click here to contact us today!