Choosing the right merchant service provider could help you save thousands of dollars each year, and the payment method you choose to use has direct influence on the experience your customers have. A win-win scenario is one which benefits both your customers and you. A modern merchant service provider is cost-effective, efficient, helpful with chargebacks and does not charge surprise fees. Every single customer that enters your store is greeted with a pleasant experience when they check out. It’s not necessary to sacrifice quality for price or in the opposite direction.

These are the top questions to ask anyone you’re considering working with. These are the kinds of questions that separate good decisions from bad decisions. Before we get into the subject, let’s make sure we’re aware of what is a merchant service provider, or merchant account service provider is. Whenever you have an interest special info about merchant services Los Angeles, look at this website.

What is a merchant services provider?

A merchant service provider is a company that provides a variety of products and services designed around the acceptance of payments of all kinds.

They can provide you with an account at a bank for merchants, install POS systems and fight charges. They also offer online invoicing, sales data, and will assist you with invoices. Each merchant service company has an individual offering, but they all function as a bridge between your company and payment processing. They are your primary resource for everything payment.

Okay! On to the questions.

Before you sign a contract, inquire with the Merchant Services Provider

Are there any setup fees?
Some MSPs do. Some don’t. You might want to ask why it’s so high.

Do you charge cancellation fees?
If you’re not a business with a 7-8 figure turnover with a turnover of $100k or more per month, you should never work with someone who charges cancellation fees. If they aren’t earning your business month after month, why should you be penalized for quitting?

Does the contract really last?
Similar idea. There are a lot of bottom feeders in the merchant services industry. It’s just the way things are However, someone who is asking for a commitment of 5-7 years combined with a hefty cancellation cost is probably to be one of them. It’s typically something to stay away from.

Are there any processing or transaction quota for each month? What are the penalties if there is?
This is another warning sign. If you’re having a bad month, some merchants will charge the customer for it. This isn’t a good idea at Tidal, considering they earn the same amount for each transaction - meaning they earn more during your positive months. This should be an association, not a contract that the merchant service provider beats you back when you’re down.

Similar to the previous question, is there a transaction limit? Does there exist a transaction cap or limit? If yes, what are the fees to exceed it?
Similar idea. They already produce more! What is the reason you should be charged?

Do you have a staff member who can assist me with chargebacks?
Merchants have a constant problem with chargebacks. Reputable MSPs such as Tidal offer chargeback assistants to combat fraud and chargebacks.

What is your company’s approach to PCI Compliance?
PCI compliance doesn’t mean you’re using PCI-compliant software. PCI compliance encompasses a whole small world, and some merchant services providers leave it all up to you while others actively equip you with the top resources and software. It should be the former.

If they offer a low start-up fee, what is the reason? Where do they earn their money? And why shouldn’t they simply have a standard percentage they can rely on?
Here’s the offer. There’s no way to give away hardware, software, or ridiculously low payment processing rates without knowing they’re going to make it up somewhere else. If you see rates or offers that sounds too good to be actually be true, it probably is. That’s the area that you must be checking for charges. If someone offers you free terminals and 1.5 percent flat rate, they’re making money off you or are going out of business very soon.

Do you require any assistance for breaches?
Tidal, a merchant service provider provides breach assistance for PCI compliance violations. It’s a great thing to have in your back pocket in the event that you’re responsible for a breach.

What hardware and software do you all sell or offer?
The top merchant card processing service providers provide you with the equipment and software you require -all the way from PCI and HIPAA compliance dashboards, to sales analytics, to smart mobile terminals. Be sure that the MSP you’re considering offers the features you require for a reasonable price.

What kind of technical support can this company provide?
There’s nothing more frustrating than an outage in a rush, and your service provider not being able to assist. Technical support is available 24 hours a day.

Is it a flat rate? Flat rate or an amalgamation? Interchange plus? Both? Which will be best for your company?
Your MSP should review your account with you to determine what is best for you. There are many factors that can make businesses different. The type of transaction you make and frequency may determine which pricing structure is most suitable for your needs. It is important that your staff do the research necessary to answer this question with precision.
Core Payment Solutions
6513 Hollywood Blvd.
Suite 211
Los Angeles, CA 90028
Phone: (323) 332-9423