Switching Merchant Service Providers (MSPs) is an important decision for online merchants. With the wide range of options available in the market, it can be confusing. To help you make the best decision for your business, here are the top 10 factors to consider when switching MSPs:
1. Cost: When it comes to merchant services, cost is often the deciding factor. When comparing the cost of different merchant service providers, consider factors such as the transaction rates, fees, and other associated costs. Some companies will pad the interchange or card brand fees with additional fees, so be sure to compare apples to apples. And don’t forget to ask if there is a long-term contract or cancellation fees.
2. Payment Security: Payment security is essential for online merchants. Make sure the MSPs you are considering are compliant with the Payment Card Industry Data Security Standard (PCI DSS). If your business is in a high-risk industry, make sure their banks support your business.
3. Payment Methods: Different MSPs offer different payment methods. Consider which payment methods you need for your business and make sure the MSPs you are considering offer those payment methods.
4. Customer Service: Good customer service is essential for online merchants. Make sure the companies you consider have good customer service and are available for support when needed. Will you have a person to talk to if you have any questions or concerns? Ask.
5. Integration: Integration with other systems is important for an efficient workflow. Check that the MSPs you are considering can integrate with the other systems you are using.
6. Scalability: As your business grows, you will need an MSP that can handle the extra traffic and workload. Check that the MSPs you are considering can scale with your business.
7. Reliability: A reliable Merchant Services Provider is essential for online merchants. Make sure the ones you are considering have a good track record of reliability.
8. Ease of Use: Ease of use is a key factor to consider. It is important to evaluate the provider’s user interface and merchant portal to ensure that it is intuitive and easy to navigate.
9. Reputation: Check the reputation of the MSPs you are considering. Read online reviews and talk to other merchants who have used them. You don’t want to find yourself in a situation where your account is frozen and you don’t know why.
10. Flexibility: Make sure the MSP you choose is flexible and able to adapt to the changing needs of your business.
Conclusion
Your choice of payment processors, in terms of both merchant services and customer support, is an incredibly important decision for the well-being of your business. Over the past 10 years, Valmar Merchant Services has been a trusted payment processing partner, providing our customers a level of comfort, clarity, and peace of mind unrivaled in payment processing. Because of the banks we partner with we can serve customers in almost any industry–even the “high-risk” ones our competitors won’t touch–with no downtime or disruptions. Want to learn if we’re right for you? Reach out to us for a discovery call.
