You know what to look for in order to find the best retail merchant services credit cards company. Dependable service, accurate transactions, fast approvals, great customer service, and reasonable fees are all essentials in a card-processing provider. Knowing what to look for is an important start. But how do you find the ones that meet these criteria? Information about credit card processing companies can be scarce. It may seem like the only way to find out which companies are best is by trying them all out. But that can be very expensive and time-consuming. Are there better ways to find merchant services credit cards providers that will be best for your company?
Yes, there are better ways to find the best retail merchant services credit cards providers for your business. One way is by asking for leads from fellow entrepreneurs. You can ask your associates what companies they have worked with, and which ones they liked best, and which ones they liked least. Be specific in your questions. If they don’t mind sharing such information as the rates and fees they pay or paid with their providers, that can be helpful. Did they find surprise fees and charges in their bill sometimes?
Be Specific. Ask them to share specific experiences with their providers that illustrate why they like or dislike a particular provider. Often, experiences relating to customer service can be the straw that breaks the camel’s back. Ask how frequently their provider’s network went down, if ever. Did they ever have any problems with inaccurate transaction amounts or data? How quickly were funds typically transferred from cardholders’ accounts to your business’s merchant account?
If they ever had a need to contact customer service, how fast did they get through to a person? Did they have to leave a message and wait for a customer service representative to call them back? Was the problem resolved quickly and effectively? Were the customer service personnel polite and professional in their communications with them?
Word of mouth is often the best advertising for business merchant services credit companies. If a friend or associate is willing to recommend a company, that often is given more credibility than paid advertising.
Another way to find out who the best merchant services credit cards companies are is to find websites that compare these types of companies. There are companies that perform client satisfaction research for various industries, with questions and queries suited especially for that industry. For retail merchant services credit cards processing industry, some of the information that may be provided is the companies’ histories, the number of clients each company has, and the size of each company.
Client Surveys. Besides basic company information, performance is also assessed. Clients of various business merchant services credit cards providers may take surveys or answer questionnaires in which they are asked the same questions about the processing service that they use. Clients may be asked to rate and comment about their processing company’s
• Fairness of fees
• Customer service
• Reliability/availability of service
• Customer service
Questions asked in the surveys may be similar to these:
• How would you rate the fees of your service provider charges? (Scale of 1-5, 5= excellent)
• How often is your service unavailable due to the provider’s server errors or other problems that are the responsibility of the provider? (Very often, often, sometimes, not often, hardly ever, never.)
• How would you rate the efficiency of the customer service department? (Scale of 1-5, 5= excellent)
• How would you rate the courtesy of the customer service department? (Scale of 1-5, 5= excellent)
• Rate the speed at which transactions are approved (Scale of 1-5, 5= excellent)
• Have you ever had serious problems with your provider that were not resolved? If so explain.
• Was your provider able to process a large quantity of transactions in a short, or sustained period of time without the system crashing, such as Black Friday, sales, or lunch rushes?
• How often does your processing company deposit funds from credit card sales into your merchant account?
These are not necessarily the actual questions that are asked in the surveys, but they represent the types of questions that may be found on these surveys. The answers to the questions can be compiled and statistically analyzed to get a ranking of companies do best in each performance category.
Special Services. Client satisfaction research in retail merchant services credit cards providers can also address special services that are offered by some companies within the industry. Some of these services may include multi-currency processing, disaster recovery, fraud detection, gift card and loyalty card processing, and more. Each of these categories may have their own separate rating criteria and survey questions.
Searchable Rankings. Websites that provide this information may be searchable by format. That is, you may be able to search for providers based on whether or not they provide retail or point of sale processing, mobile processing, card-not-present transactions, or virtual terminals. It may also be possible to search by special services like multi-currency processing or other services mentioned above.
Only The Best. Depending on the company providing the data, a retail merchant services who wants to be included on the list may have to apply to be included. The application process may involve rigorous evaluation by trained statisticians. Sometimes only companies that achieve a preset minimum score may be included in the rankings. With this system, any company that is included in the rankings will be one of the best. The highest-ranking companies will be the best of the best.
You already know what you want in a business merchant services credit cards processing company. You want a company that is reliable, efficient, fast, accurate, polite, and reasonable in their fees, and has the formats and specialized services your company needs. You can learn who the best companies are by word of mouth and by finding an online website that provides rankings from research results on companies in the industry. In many ways, the best business merchant services credit cards processing company will be like a business partner. So treat the decision with as much importance as it merits.