How Merchant Services Can Get Your Business on the Right Track

When you open a business, you should know the risks – as well as the ways to mitigate those risks. There are right ways to run your business – and wrong ways. Some studies claim that up to 90 percent of new businesses fail within the first few years. However, those studies do not take into account the fact that some businesses close before they fail. Still others may have been bought out or the owners may have opted for another career. There are many reasons why not all new businesses stay open. One of the more reasonable estimates is that about 33 percent of new businesses close in the first four years. This figure takes into account the fact that not all closed businesses are failed businesses. But if you want to be among the 67 percent of success stories, there are steps you, the business owner, can take to help ensure your long-term success. One of the most professional steps a business owner can take is to open up a merchant services account. These accounts allow you to process credit cards and debit card payments. The account providers ensure you get the right equipment you need for your line of work – and that the equipment is compliant with payment card industry standards. You also need a merchant account provider that will service your account around the clock. The right merchant account will realize that if you cannot process payments on the spot, your company is effectively shut down. The following are some of the services that you should receive with your merchant service account: Credit Cards Credit card spending is on the rise. Even in a tight economy, consumers charged 6 percent more on their credit cards in 2010 than they did in 2009. If your business is not prepared to accept credit card payments, you are already behind the curve. You should also expect that the company you work with will keep you ahead of the competition – one that is able to process debit card payments, handle balance transfers, gift cards, loyalty programs and other features. Of course, you are going to pay a fee on each credit card transaction, so you need to look for a firm that tries to hold down the payment processing costs. You work hard for your money, so be sure you are getting the best deal. Look for a firm that offers low fees, but does not cut corners where it counts. For example, some firms provide free state-of-the-art processing equipment, such as space-saving countertop terminals, wireless terminals, PIN pads and check readers. That is a big savings right there. Check Readers Even in this age of plastic, there are still customers who prefer to write checks. A smart business owner does not want to overlook this segment of business and needs to find the most effective check acceptance solution. First, you want to reduce the time that the deposited check sits in your account, but is unavailable to you. You also want a program that helps ensure the check will not bounce. Look for a system that lets you accept checks, but converts it into a secure electronic document. It ensures good record keeping and guarantees payment. Wireless Payments When your business is a brick-and-mortar operation, standard processing systems are adequate. But what if yours is not a conventional retail operation or store front? What if your business is on the road – moving from customer to customer? What if you take your business out to the customer? If that is the case, you need a wireless payment solution that allows you to conduct business anywhere you can power up a computer. If you happen to hit a dead zone and cannot immediately process the payment, your system should allow you to swipe the information from the card and store it for processing at a later time. Be sure that your wireless credit card processing terminals offer encrypted technology. Your customers will appreciate the efforts you take to protect them. Online Payment Some businesses will not have a face-to-face encounter with their customers. These businesses need a secure online payment system. The best systems offer built-in fraud detection tools and customized add-ons to meet all your needs. The best system will also: · Accept all major credit cards, gift cards and electronic checksrn· Immediately validate the paymentrn· Accept payments and deposit them automaticallyrn· Reduce the time waiting for checks to clear the bankrn· Store sensitive data on a PCI-compliant data center, instead of your computer (Note: The Payment Card Industry Data Security Standard is a worldwide information security standard defined by the Payment Card Industry Security Standards Council. The standard was designed to help payment card industry organizations, which process card payments, prevent credit card fraud through increased controls.) Get your business on the right track and find the merchant account that suits you perfectly today.