How to Hire a Qualified Credit Card Processing Provider
Review the contract with your lawyer. Have a business lawyer look over the contract and explain anything you don’t understand. You can even go through and highlight certain keywords that you aren’t familiar with so you can be prepared when you meet your attorney. Not having your attorney on record review the contract can be a costly mistake so protect yourself and your company; have your lawyer look over before you sign the dotted line.
Have fees clearly stated in writing. Like any decision and agreement, make sure all fees, including incremental ones, are in writing so you can have documentation in case any conflicts arise or there are any discrepancies in the future. Once you have every potential fee in writing, even if it is not monthly, you will know what to expect to pay and can protect yourself from any hidden fees.
Ask the right questions. Most of the time we forget to ask the right questions and just expect for the right responses. Don’t. Some questions to ask up-front include: What is the typical time period? Get the response in writing and save it as a reference should any conflicts arise. What is the time frame that it will take for the company to deliver the funds to your business? Transferring funds can vary depending on the processing company and you do not want to be waiting around too long for money to come in from your merchant provider.
Browse around. Your merchant service provider is a critical part of your business’ success so it is imperative that you choose a company you trust. It is wise to not go with the first company you talk with immediately so get three different quotes from companies that specialize in businesses like yours, not only in category, but also in sales volume. Compare credit card processing companies based on the fees they charge as well as their record of accomplishment in dealing with businesses like yours. References and testimonials are the best place to start when looking for this type of information. Ultimately, pay attention to warning signs and make sure the company will follow through with the expectations clearly stated in your agreement.
Have one specific contact at your merchant card processing company that you can speak with and a few others with the company you are dealing with. Once you decide on the right company, choose one contact and get to know him or her. By becoming familiar with the provider and specific individuals, you will have greater access to the company’s representatives and have the ability to maintain an open communication level with them. Gather names, phone numbers with extensions, email addresses and even fax numbers to have every possible mode of communication at your fingertips. This way, you will have a few direct contacts when you are having pos systems issues and the situation can be resolved in a speedy manner. After all, it is about maintaining relationships and by forming these up-front, you will have better success later.
