When business owners think about merchant services, they typically contact their bank or utilize items such as Square or even PayPal. Square and PayPal may be useful for smaller businesses with only a handful of credit card payments each month. However, for larger business earning over $4,000 a month through credit card sales, businesses owners have choices. They do not need to use their bank’s products. Instead, they can work with an independent provider. Much like insurance, independent providers in the merchant services industry have more flexibility and freedom to help their clients receive the best price without be locked into specific fees and products.
Flexibility in Merchant Services
When choosing a merchant services provider, one key feature should be flexibility. When working with a bank, you are typically locked into whatever service providers with which they hold contracts. There is little flexibility when it comes to fees, products, and services.
In contrast, working with an independent provider of merchant services provides flexibility. An independent merchant services provider can work with numerous companies to find the best rates, products, and services for your needs. This allows you to always keep the best rate for your business, saving you money int he process. It also allows you to easily change providers when they are no longer willing to work with you or are no longer the best option when it comes to services and products.
Your Merchant Services Advocate
As with any larger corporation, when you work with a bank for your merchant services, you will likely get a different person any time you call. While there are notes int he computer, those notes may not always be accurate and never keep that personal touch of remembering who you are or what you need.
In contrast, your independent merchant services provide is your merchant services advocate. When working with an independent provider, that individual will be your personal advocate. If you have an issue with a product or service, your merchant services advocate will know your story and be able to work with the company on your behalf. This advocate knows you and, while he or she will likely keep notes to make sure nothing is missed, when you pick up the phone, that advocate will remember you and your story.
Save Money on Merchant Services
The biggest difference between working with your bank versus working with an independent merchant services provider will be seen int he bottom line. An independent provider, as mentioned above, has the flexibility to shop for the pest price for you. Therefore, you will almost be guaranteed to save money over working with your bank’s merchant services options.