Nowadays, when looking for merchant card services, you have a number of options to choose from. Selecting the best provider for your business can seem like a daunting task. However, if you consider the following factors, you should find the decision a lot easier…
There is only one place to begin, and this is with PCI DSS compliance. PCI DSS stands for Payment Card Industry Data Security Standard. This outlines 12 requirements that all businesses need to follow in order to protect customer payment data. You need to make sure the merchant is 100 per cent compliant, and you should find out how much they charge for this. The fee will usually be between £5 and £20.
You will be charged a fee if you run an online business and you have an integrated gateway for taking payments online.
Another factor to consider when looking for the best merchant card services is the authorisation fee. Not only merchants charge this, but also this fee is becoming more popular. Typically, a penny charge will be taken per transaction.
There are usually three types of terminal to choose from: mobile, portable, and static. The latter is for companies that must take payments further than 150 metres from their base unit or those that run a mobile business. A portable terminal is for companies with points of sale where the machine is brought to the customer, for example, restaurants. And finally, a static terminal is ideal for the likes of local shops whereby the customer pays at the counter.
Last but not least, when looking for merchant card services, consider the processing fee, which will be a percentage, and is charged for accepting different types of cards.
Taking all these into account when choosing your merchant card services will ensure you find the best one for your business.
If you’re ready to take the next step in exploring the potential for your business? Then contact me and we can talk.
Article by: Paul Strachan