Now that you know what merchant services are and how they can benefit your business, it’s time to start thinking about selling them! But where do you begin?
The first step is understanding the different types of merchant services that are available. Here is a quick overview:
1. Credit card processing: This is the most common type of merchant service, and it allows businesses to accept credit and debit cards as payment.
2. ACH processing: ACH stands for Automated Clearing House, and it is a network that helps facilitate electronic transactions. This type of merchant service can be used for things like direct deposit and online bill pay.
3. Check processing: As the name implies, this type of merchant service allows businesses to accept checks as payment.
4. Gift card processing: This type of merchant service allows businesses to sell and Accept gift cards as payment.
Now that you know the different types of merchant services available, it’s time to start thinking about which ones will be the best fit for your business. The next step is to understand the pricing models that are available.
There are three common pricing models for merchant services:
1. Interchange-plus: This is the most transparent and fairest pricing model, as it involves a small markup on top of the interchange rate (which is the rate that banks charge for processing a credit card transaction).
2. Flat-rate: With this pricing model, businesses are charged a single, flat fee for every transaction, regardless of the type of card that is used.
3. Tiered: With this pricing model, businesses are charged different rates for different types of credit card transactions. For example, transactions that are considered “qualified” will have a lower rate than those that are considered “non-qualified.”
Once you have a good understanding of the different types of merchant services and pricing models available, it’s time to start shopping around! When you’re looking for a merchant services provider, be sure to consider the following:
1. Pricing: As we mentioned above, pricing is one of the most important factors to consider when choosing a merchant services provider. Be sure to compare pricing models and find one that is fair and transparent.
2. Fees: In addition to pricing, you’ll also want to consider any additional fees that may be charged by the merchant services provider. These can include things like account setup fees, monthly fees, and gateway fees.
3. Contract: Be sure to read over the contract carefully before signing anything! You’ll want to make sure that you understand all of the terms and conditions, as well as any early termination fees that may be charged.
4. Customer service: If you have any problems with your merchant services account, you’ll want to be able to reach customer service easily. Be sure to choose a provider that offers 24/7 support.
5. Technology: Make sure that the merchant services provider you choose offers the latest in technology, such as EMV-compliant terminals and mobile payment options.
Now that you know how to sell merchant services, it’s time to get started! If you’re ready to start accepting credit cards at your business, be sure to check out our list of the best merchant services providers.