There are so many different options out there when it comes to merchant processing service. From banks, to online payment websites, to dedicated merchant processing services, there are almost too many different options out there. But what’s the difference between all of them? Surely there must be a right and a wrong choice. We will help you see what the difference is between the many different merchant processing services available to you.
The main difference between merchant processing services is the cost. There are several different costs associated with being able to process payments. Some services will charge you upfront for the equipment and programs that you will be using. The cost for just one payment terminal could easily be in the thousands range, so you can see how this would quickly add up. Buying your equipment upfront may be expensive, but then you don’t need to worry about paying monthly for maintenance services. There are some providers that will basically rent the equipment to you at a low monthly cost, that way as you need to upgrade the equipment or if there are any issues with it, you would be totally covered. The other main cost to consider is the rate you will pay to your merchant service provider. Some will charge a flat monthly amount, while others charge a percentage of each sale. It is typically easier for businesses to go with a percentage of each sale so that they have one less bill to pay. Some merchant service providers have rates as low as 1.29%.
Another main difference between the many merchant service providers is their customer service. Most providers are more focused on selling their services rather than providing support and service for them, so they will outsource for help with this. Other providers have in-house support and service teams that are knowledgeable and open 24/7. If you operate a business that is open late or around-the-clock, you will want to look at finding a merchant service that has customer service and technical support that is available during the hours you are open. Some merchant providers are even locally based, so if you want to visit in person or get hands-on help, you can just stop by their office.
The knowledge of the customer service and support team of your merchant service provider is also something that will set the providers apart from one another. Some have call centers based overseas, with individuals who may not be experts on the equipment and services, or be able to effectively communicate help to you. Some centers are based in the USA and have individuals who are well versed on all products and services.
If you are looking for a company that has low rates, the possibility of receiving free top-of-the-line equipment, and that is based locally in the USA for their sales and support, then you might want to take a look at the Financial Innovations Group. FIG is based in Sandy, Utah, and has a complete lineup of products and services that help businesses like yours every single day. To learn more about FIG, visit their website or give them a call today.