Congratulations! You’re the proud owner or operator of a business and (hopefully) loving every minute of what you do. Whether your business is just getting started or has been up and running for years, there are still a lot of operational decisions that need to be made on a regular basis.
In today’s fast-paced economy payment methods seem to be evolving practically overnight! Every time you look there is a new app for mobile payment, transfers, and check deposits. With so many choices, it’s hard to know which payment processing plan or company is right for you and your business model. We’ve all heard the adage ‘stick with what works’ or ‘traditional is best’ and when it comes to payment processing, those sayings actually hold their weight.
Thing to Consider When Choosing a Payment Processor
Non-traditional payment processing companies like PayPal and Stripe seem attractive upon first glance. No commitment, no monthly fees, no major hardware hassle, but have you ever looked below the surface? When you strip away the bright and shiny phrases that attract a business owner, payment solutions like PayPal and Stripe are missing some major qualities that can leave your business vulnerable to fraud, unwanted service charges, and more.
Enter Traditional Merchant Account Provider
When it comes to payment processing choosing a traditional merchant account provider is ultimately better for your business. Other non-traditional forms offer no monthly fees, which sounds good to a small business owner, but you are still paying a transaction fee. Certain companies such as PayPal offer ways to “get cash back” by enrolling in their debit card system to save a whopping 1% and lock you into using their card, no thanks. Traditional merchant account providers hold their own when it comes to fees, offering rates and pricing based on the tier you choose, the size of your business, and how many transactions you process on a daily or monthly basis.
Traditional merchant service providers can be fully customizable when it comes to both rate plans and hardware needs. When choosing a traditional provider, you can be sure that your hardware is the most secure and up to date with industry standards and fully PCI compliant.
If you frequently process online transactions and have an eCommerce business, a traditional service provider can optimize and secure your payment gateway to accommodate you and your customers’ needs for purchasing and security. Some traditional merchant account providers like Dharma Merchant Services, Helcim, and Merchant Services LTD. offer fully customizable payment solutions that can be tailor-made to fit the needs of your business.
Who doesn’t enjoy a little customer service?
Gone are the days of being able to call a contact number and reach an actual person, except when you choose a highly rated merchant account provider, most of whom pride themselves on their ability to offer a REAL trained professional to speak with you 24/7 about your payment processing needs. If you are having technical issues or just to need to speak to someone about upgrades or changes to your plan you can be sure that you will be taken care of in a fast, efficient, and professional manner.
Often non-traditional payment processing companies offer little to no customer service, leaving business owners to deal with technical issues or problems on their own. Who has time for that? When you are running a business, you shouldn’t be hassled with the details of payment processing.
Overall Merchant Account Benefits
Depending on the business, and the number and size of transactions you process, a traditional merchant account provider could be the smartest choice for your daily operation. Opting for a traditional merchant account provider vs. non-traditional payments processors and payment aggregators can provide a number of benefits such as:
- Lower credit card processing rates
- Stronger security/fraud protection
- Technologically advanced hardware
- Customizable rate plans and software solutions
- Guaranteed professional customer service 24/7
You could take the easy route and signing up with a service like PayPal or Stripe, but consider what a traditional merchant account can do for your business.