If you’re a business or have even applied for a merchant account, you really ought to consider not just the fundamentals payment solutions companies or merchant services companies provide but delve deeper to ensure that your business is being offered precisely what it needs.
The first thing you should consider before even thinking of applying for a merchant account is your customer. Who is your customer? How do your customers prefer purchasing from you? — From there, you can begin to search for the right payment solutions company to help meet your direct needs and those of your customers.
Here are important aspects a payment solutions company should offer you upfront: —
- Reliability / Credibility
When selecting the right payment solutions company to assist you with your merchant account, it’s absolutely necessary to select one with a track record with other successful merchants, especially with those within your industry.
The company should be well established with a growing business as well as an active online presence. It is also important to be aware of the company’s business respecting the average number of clients they have.
It’s vital to ensure that your merchant services provider has a 24/7 support team in place. The necessary of this is owed to the many transactional issues that do occur from time to time; and as a business owner, you want to be assured of a full support team ready to manage your need or your customer’s need.
Also, online payments occur out of office hours as well as in different time zones. Having a team of experts with a fast response time and a dedication to being responsive is important when selecting the right payment solutions company.
Online reviews are impactful because they represent the client’s direct feelings towards a particular company. It would be a good idea to visit sites such as Trustpilot to view any comments about a particular company.
However, not all online reports should be taken at face value either. Remember that in many instances, negative feedback on a company may be personal or out of misunderstandings – so take all reviews into account, but with a ‘pinch of salt’ as it were.
Moreover, by seeing the responses from companies, you will identify that the company demonstrates how feedback is taken on board to improve the solutions.
- Scalability / Global access
One of the most critical questions you should ask a potential payment solutions company is whether they have global connections or whether they operate solely within a local region. The importance of this will help determine the trajectory of your own merchant account’s future.
If the payment solutions company has global connections and great relationships with offshore acquiring banks and entities, it will surely help your own business with regard to scalability and the manner in which you can manoeuvre or pivot your business model when needed.
- Payment gateway
It is all good and well having a payment solutions company offering you merchant services, but what type of payment gateway is used? Security is key when transacting online. The more intuitive the APIs are, the more secure a transaction is against cybercrime.
Mastercard’s 3D-secure safety is highly regarded and known to be the safest against cybercrime. It is paramount that your customers are transacting from your website through a similar secure gateway.
Another important factor to consider is the integration process. Not all merchant services providers offer a system that does not affect your business model. It is therefore important to find a payment solutions company that has easy integration without disrupting your business in any way.
- Various departments
For further security and peace of mind, it would be serviceable to your business to understand the internal workings of the payment solutions company you select upon which to board.
Having a fully responsive compliance team gives you surety that all documentation and legal authorities are maintained throughout your relationship with the company. Also, with a client liaison services team, you can be sure of having excellent post-sale service.
These departments are essential because it adds to the credibility of a business, giving your business the peace of mind it needs to place your trust and money in such a corporation.
- Future projects and products
A stale company is one with which you should not be involving your business. A working business that is successful is always looking for new solutions and improvements, continually on the look for better options. Such payment solutions companies are what your merchant account needs.
For example, a payment solutions company like iPayTotal has offered two new products that promise to alter and improve the payments industry immensely, which will ultimately improve your business and the lives of your customers.
Here are two such projects: —
- A Crypto-exchange platform to bridge the gap between fiat and crypto payments, giving your customers the option to pay in crypto.
- An award-winning payment gateway, MOBAM, is used by many merchants and other payment solution companies because of its robust and secure system.
With the features offered in many of the products such as a gateway that may help reduce your high-risk merchant account from those dreaded chargebacks, you can then decide on which payment company and which solution best suits your needs and your future plans.
Take also into account the effects of COVID and how the post-COVID purchasing nature of the consumer will affect your industry. Ask yourself if the payment solutions company with which you’re currently dealing has the platform ready to help you scale your business in the direction for clear, safe and alternative payment options for online shopping.
iPayTotal offers this and more.
Contact iPayTotal today for a total and bespoke solution for your business — +44 800 776 5988 or email email@example.com.