What to look for when choosing merchant services for your business
The merchant services you select for your stores can make or break your business. Choose the wrong ones and you risk paying more than you need to on point-of-sale rentals, communication and transaction fees. Not only that, your revenue could be jeopardised by slow connection times and only being able to accept certain credit or debit cards. You can avoid all this simply by picking a reliable merchant services provider that meets all your business’ needs.
Businesses need to evolve their merchant services in response to changes in their markets
Merchant services are the variety of card acceptance, or acquiring solutions provided by a service provider. They cover desktop card machines, portable card machines, mobile point-of-sale (mPOS) devices and even online payment systems. Just as retailers need to continually adapt and evolve in response to both technological change and the changing demands of their customers, so do their methods of accepting payments. While each business needs a different combination of merchant services, here are some of the features they should never be without.
Your merchants services should be cost effective
When selecting merchant services, you must take into account the costs of installation, monthly rental, communication costs, and transaction fees. As a business you’ll be paying a percentage of every transaction you accept – ensuring a good transaction rate means lower costs in the long run.
Your payment solutions provider needs the highest level of data compliance
The Payments Card Industry Data Services Standard (PCI DSS) was created to ensure the protection of all sensitive data that gets processed during credit or debit card transactions. This includes cardholder name, card number, security code and expiry date. Use a trusted service provider with the highest and most up to date PCI compliance (level 1).
Reliable and fast communication speeds are essential
The speed at which payments can be accepted and processed are crucial from a customer service stand point, as well as for your bottom line. Your point-of-sale terminals should also come with several communication options – such as dual SIM cards, which allow desktop card machines to operate through several networks. It’s also crucial to choose merchants services that can process payments from all magstripe and chip and PIN card types. Devices with a battery back-up enable you to continue operating during loadshedding too.
After-sales service and technical support should be included
Whichever merchant service you choose, your outlets will be using them on a daily, long term basis. It’s vital for you to select a provider that provides stellar after-sales service and ongoing technical support. Without this, you risk a negative impact on sales and revenue owing to downtime.
Look for a provider that adds value to their product offering
Your merchant services provider should go over and above simply providing you with business point-of-sale terminals. Features such as an online merchant portal, where you can view transaction history, give you access to valuable data you can use to inform strategic decisions in future. Terminals can also provide additional revenue generation mechanisms such as being able to sell prepaid airtime and electricity to customers.
EFTPOS recognises the need for businesses to stay competitive and find innovative ways to differentiate themselves. Download the EFTPOS brochure to find out how we can offer your business the payment solution it needs.