Choosing A Merchant Services Partner For Your Home Business
So you’ve started your home based business.
You’ve got the product, you’ve set up your online store, you have all the paperwork done and you are ready to start serving customers and delivering goods and services.
Hit pause. There is one little thing you may have overlooked or failed to consider: Are you getting the best deal possible from your payment processing partner (also called a Merchant Services Partner)?
Your Merchant Services Partner will play a huge role in the day-to-day operation of your business and can affect your bottom line more than you can imagine. So how do you pick a great one? I spoke with Dharma Merchant Services who have outlined some things to consider when choosing a service partner.
Things to Consider When Selecting a Merchant Services Partner
Who are they?
Much like you would hire a tradesman to carry out a home improvement based on his sterling reputation, you should be looking for an MSP with the same excellent credentials. When making the choice it is always best to go with great companies who have a proven track record.
What are their fees?
We’re all in business to make money and the last thing we want is a partner who skims every cent they can from our profits to grow their own. Take a close look at both the setup fees and the transaction fees your partner proposes.
There are many different options when it comes to fee structures and charges. Make sure you go with a partner who is transparent and up-front about all the costs from the outset.
How do they deal with problems?
One of the best things you can do to test the customer service end of a business you are looking into from the perspective of a potential partner is to give them a call and pose as a dis-satisfied client or someone with a problem to solve.
This first-hand experience will cut through the sales pitch and show you the real underbelly of how the business operates. Pick a partner which is polite, quick to respond, concerned with helping you solve your problems or issues and who delivers top-notch customer service.
You’re going to be dealing with these people often and possibly for a long time. Make sure they treat you as if you matter. The last thing you need is to be waiting three days for a response when your gear breaks down and you can’t accept card payments.
Can they handle your needs?
Every business is unique in size, scope and what it offers. You want to pick a partner which understands your individual needs and what will be required of them to make your business run successfully.
Home business is big business today and with over 250 million online shoppers in Europe alone
your home business could end up being a rather large business before you know it. You need to make sure your Merchant Services Partner is able to grow with you, anticipate your needs in advance and guide you impartially when the time comes to upgrade.
You can’t underestimate how important your Merchant Services Partner is or how crucial a role they will play in the everyday functioning of your business. More and more transactions are being done by credit and debit card and whether your business is a bricks and mortar retail form or an online shop or service provider you need a partner who can trust.
Hopefully this short guide has shown you some of the things you’ll need to consider and begun to point you in the right direction.
Best of luck with your home business venture!