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White PaperDo you feel lost when it comes to finding the best possible payment processing solution for your business, especially when it comes to finding a company that offers great customer service? If so - you're not alone. The merchant credit card industry can be very confusing, and it's hard to know what's a good deal - and what to avoid. Many operate like auto sales lots, there are a lot of smoke and mirrors used. That's why we've written the following article to help you find out how you can find - with confidence - the best possible deal on a merchant account for your small business... The first consideration should be integrated credit card processing with your management software. Having a little machine on the side or internet software that is not part of your management software can lead to transposition errors, and reconciliation errors. Integrated solutions for your salon and spa can also save 5 to 30 minutes per day or up to $2,500 yearly, so think twice about the savings they may show you. Do not let them kid you, features on merchant accounts are virtually the same no matter who you choose, as many salon and spa management software do their own gift and rewards card processing, it is unnecessary to use merchant account services to do this. Well, you'd probably prefer to pay less for the same features. Everybody would! However, in the merchant industry, sometimes it's not as simple as comparing “A” with “B”. There are a myriad of different fees, charges and billing structures that make it quite complicated to figure out exactly how one service compares with another. The costs are not only based on one flat percentage rate, too bad. So let's take a look at how to find, compare and choose the perfect merchant account for your small business... It is crucial that you to research the terms and conditions of the fee structure associated with all of your prospective merchant services and/or banks that provide merchant accounts. Make sure to ask prospective merchant service companies before you apply for a merchant account with them to forward you their terms and conditions. Regardless, ensure that you understand the terms and conditions very clearly before venturing into unfamiliar waters. Things to watch for in your choice of salon and spa processors are:
In order to get the best credit card processing rates, you will need to have good credit and do your homework well. Research thoroughly for the most affordable possible terms and conditions – but make sure that the company is reputable, as you don't want to be stuck with a service that has poor customer service, especially when their service involves your money! Things to factor into the equation include your average number of transactions per month, your profit margin, your average order size, and how often you'll be accepting credit cards from your customers. Obviously, high-volume retailers will want to focus on reducing their discount rates and per-transaction fees more so than their monthly fees and so on, where small and micro-businesses with a larger order size, but less transaction volume can be more flexible with the discount rate and transaction fees, focusing more on reducing monthly/minimum fees. At any rate, talk to others in your industry and compare their recommendations with your own research into your prospective merchant providers. Accepting credit cards will enhance your profit margins and create customer acceptance and loyalty. [ Back to White Papers ] |