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Selecting the best merchant service provider can reduce your expenses by thousands each year, and your payment system will have an immediate impact on the experience your customers have. It's an ideal win-win situation for you and your customer. Modern merchant service providers are cost-effective and efficient, able to assist with chargebacks, and doesn't charge surprise fees. Every person who walks through your doors is greeted with a pleasant experience when they check out. You shouldn't have to sacrifice quality for price or vice versa. We've compiled what we think are the most crucial questions you should ask anyone you're contemplating working with. These questions will make the difference between making good and bad decisions. Before we get into this, let's clarify the difference between a merchant service provider and merchant account service provider are. Once you would like a useful content on credit card processing Los Angeles, navigate to this website. What does a merchant service provider appear like? A merchant services provider is a company that offers a variety of products and services focused on accepting payment of all types. They will set you up with an account with a merchant bank as well as install POS systems and help you fight chargebacks. They also offer the ability to invoice online as well as sales information, and help you to invoice. Each merchant service company has an individual offering, but they all function as a connection between your business and the payment processing. They are your first source for all things payment. All right! Let's move on to the questions. Questions to ask a Merchant Service Provider before you sign a contract Are there any set-up fees? Some MSPs do. Some don't. If it's anything steep then ask why. Do you charge cancellation fees? It is not advisable to engage with any company that is charged cancellation charges unless you have a 7-8-figure company that handles $100k+ monthly transactions. Why should they charge cancellation charges if they're not able to gain your business every month? Does the contract really last? Similar concept. There are plenty of lower-end merchants in the services sector. This is the way it works. But anyone asking for a commitment for 5-7 years and a large cancellation fee is probably one of them. Avoid them. Are there monthly transactions or processing limit? If yes What are the consequences? This is yet another red flag. If you're having an unlucky month, certain merchants will be able to charge you for it. We think that's ridiculous at Tidal because they earn money for every transaction - - meaning they earn more during your positive months. It should be an alliance, not a relationship where the merchant service provider beats you when you're struggling. In a similar vein Is there any transaction caps? Do you have a transaction limit or limit? If yes, what are the fees to exceed it? Similar concept. They already make more! So why should you be charged? Is there someone on staff who can help me in chargebacks Chargebacks are the perennial problem for merchants, and reputable MSPs like Tidal provide a chargeback assistant to fight fraudulent charges and chargebacks from customers. What's your company's policy to PCI Compliance? PCI compliance doesn't necessarily mean that you have PCI-compliant programs. PCI compliance spans across a tiny world. Some merchant services providers leave the whole thing up to you while others proactively equip you with the best resources and software. It should be the former. Why do they charge an entry fee that is so low? Why can't they provide an entry rate they can trust? Here's the deal. It's not right to offer software, hardware or extremely low rates for payment processing with no knowledge that they'll create a similar deal elsewhere. If a deal or rate appears too good to be real, it probably is. This is where you look out for higher fees than else. Don't accept a deal that gives you free terminals or a flat price of 1.5 percent. They're either profiting from your circumstance or they'll soon be gone. Are you eligible for breach assistance? Some Merchant Service Providers like Tidal offer breach assistance in the event of PCI compliance violations. This is super nice to have in your pocket in case you're held accountable for a breach. What kind of hardware and software do you offer or provide? The best payment card, processing service providers provide you with everything you need to meet your needs, from PCI and HIPAA compliance dashboards as well as sales analytics, mobile and smart terminals to PCI and HIPAA compliance dashboards, to sales analytics. Check to see if the MSP you're considering has what you need for a reasonable price. What type of technical support can this company provide? There is nothing more frustrating than having an outage in the middle of a busy day and your MSP not providing assistance. 24/7 technical support is the only option. What kind of rate do they charge? Is it flat rate? Interchange plus? Both? What will they do to assist your business in deciding what's most beneficial for you? Your MSP should meet with your account and determine the best option for you. Not all businesses are equal, and depending on your type of transactions and frequency you might be a better fit for one pricing structure over another. Be sure that they complete the research necessary to answer this question thoroughly. Core Payment Solutions 6513 Hollywood Blvd. Suite 211 Los Angeles, CA 90028 Phone: (323) 332-9423