Deciding to Change Providers or Thinking of Accepting Credit Cards?

As a business owner you often do everything and that includes financial, marketing, inventory selection, managing employees, and making decisions in a short amount of time. If you are deciding to change providers or thinking of accepting credit cards for the first time, you should read this.

We broke this down into two categories, but the topics that affect either situation you might be in are important to consider.

Changing Merchant Service Providers

We know change is hard.

But, making a change in merchant services can often help a business reduce overhead while implementing new payment options that offer added value to customers.

Now more than ever, customer flexibility in paying for goods, services, and (in particular) food purchases, is important to a small business owner. Offering online ordering, advance order for convenient pick-up – whether in-store or curbside – and text to pay, as well as other contactless methods like tapping or waving the more secure, EMV chip credit card are considered core to every business, in any industry.

Sometimes, changing your provider is the right thing to do – especially if you can’t add these features – or, fix initial setup issues with your current provider.

We always work with our clients, we have to. We don’t require a contract, so our clients choose to stay with us. Thus, we always work to update their account as their business changes – or, as the environment around them changes.

Accepting Credit Cards for the First Time

If you are new to merchant services, there is a lot you may not know; but we find most business owners want to understand.

When we work with business owners who are accepting credit cards for the very first time we are the “go-to” resource to help set up the merchant account the best way possible to suit your business.

We educate. We simplify the process. We help you understand.

Just like choosing the right brand name, selecting the right employee titles to maximize your Workmen’s Compensation benefits (while minimizing the overhead associated with this insurance), and choosing the best suppliers, there are other critical best practices in setting up a new merchant account.

In fact, how you set up your NAICS code is one first important step. Many may not think of this, but it can impact your rate, turn-around time, and baseline costs of credit card processing, too.

In addition, making the estimate for how much will be processed each month and over the course of a year is also needed. This is probably a “best estimate” but can impact the items above, too.

  • Rate
  • Turn around time
  • Baseline costs

Add in:

  • Choosing equipment
  • Selecting features
  • Adding flexible payment options
  • Next day funding
  • Etcetera, etcetera…

In the end, there is more than just one aspect of your account that is essential.

One on One Support

One on one support for payment processing is available, if you choose the right provider.

Online, quick-to-set-up solutions are not always the best option.

For example; we recently helped a client transition to TransAct. They had never accepted credit cards before and decided to save time. They researched online, decided it was a fit. Set up their merchant account online…all without any help.

Flash forward and in 60 days’ time, they had not received a deposit to their account, even after several calls, emails, and heated conversations with the “support” team.

They became a new client of TransAct when we were able to mitigate problems from the way their account was initially set up.

Their initial account had several issues, including an incorrect NAICS code. Further complicating matters, their first transaction overshot their estimated sales. These two issues combined and flagged the account as fraud.

We were able to immediately see the issue and rectify the problem helping this new business owner receive the well-earned funds for their business, literally keeping them in business. It took a very stressful three months of waiting for their credit card deposits, but with our help, they finally got paid.

Avoid Merchant Account Problems

This problem could have been avoided by simply contacting one of TransAct Merchant Services’ onboarding specialists for personalized, one on one counseling – a process that typically takes about 20 minutes.

We wish we could say that this new client’s issue was a unique circumstance, but we see things like this over and over again when we onboard new customers. Sometimes, it is easy to fix. Other times, it isn’t. But, we always communicate when we can or cannot do it.

If we can’t help, we will say so.

In addition, as you can imagine, we are always available to support our clients with personalized attention.

Merchant Services is Complicated

While it may seem simple, merchant services is a complicated aspect of any business.

We take the time to educate and support our clients whether they are new to business and credit card processing, or making a change to improve their back office and financial position in these challenging business conditions.

Consider TransAct Merchant Services as your “no cost added” financial advisor. We know merchant services are more than just credit card processing and if you give us a chance to prove it, we think you will be better off in the long run.

Check in, give us a call, schedule an appointment. What have you got to lose?