Wanna get our awesome news?
We will send you emails only several times per week. Isn't that cool?
Subscribe!

Actually we will not spam you and keep your personal data secure

Merchant Services

Open your business to card payments with a Merchant Service account. Take card payments online, in store or on the move.

Merchant Services Overview

Merchant service providers work as an intermediary between the bank, a person or organisation wanting to receive funds and the person or organisation looking to purchase goods or services. The merchant service provider will provide businesses and individuals with the requirements to accept credit cards, debit cards, and other forms of electronic payment, (such as via ‘smart phones’ or ‘smart watches etc) for the transaction to take place.

Defining needs

As merchant services are usually grouped in packages, it’s an absolute must to make a detailed list of which services are really needed, and which are not.

Deciphering the fee structure

Requesting numerous quotes from different merchant services providers may seem like a bit of a faff to do but being thorough before selecting one is better to be safe than sorry.

Supply financial evidence

Once you’ve decided on a Merchant Services provider, it’s necessary for anyone applying to open an account with them, and submit as much financial evidence as possible for them to evaluate risk your business poses to them.

Benefits

For example, when a retailer is selling a product to a customer, and the customer uses a payment card for the purchase, the merchant service provider will move the customer’s funds to that of the retailer. It can take up to 48 hours for these funds to be credited to the retailer’s bank account, so some merchant service providers offer cash advance services to transfer funds faster. This option could be particularly useful for start-up business whose finances and cash flow may be tighter than a more established company

Merchant service providers typically require the merchant to have a business account with the provider, and all will charge a fee on all payments they handle. These fees can vary tremendously and can either be charged on a ‘per transaction’ basis, via a monthly fee, or a combination of both, so it makes sense to shop around the various merchant service providers to see who offers the best deal for the amount of turnover you anticipate them having to process for your business.

 

card

Merchant Services can often be overlooked

With everything small business owners have to think about, credit card processing fees may not be something that automatically comes to mind, and when thinking about fees of just a couple of percent of the transaction amount, they may not seem like a lot by themselves, but those small percentages can quickly add up. And when you combine transaction fees with other monthly fees, your monthly credit card processing bill can balloon to an astronomical amount if you’re not careful.

Merchant services are probably some the most confusing, jargon-y parts of running a business. And, as a result of all of the lingo you’ll come across while trying to navigate your merchant service provider options, landing the best merchant services possible for your business is far from easy, but taking some time to get this right can seriously streamline the way your business accepts payments, and, perhaps most importantly, increase your revenue.

Tips for selecting merchant account suppliers

In such a crowded and diversified market, here are a few things to consider when trying to determine which merchant services provider best fits the specific needs of your business;

Defining needs

As merchant services are usually grouped in packages, it’s an absolute must to make a detailed list of which services are really needed, and which are not.

 

  • In order to select the right credit card terminal, for instance, retailers will try and evaluate if they need to be able to accept online payments or on-the-phone payments as well as face-to-face payments. But they also need to check whether they will need to accept contactless payments, payments by e-wallet, and if they really need to accept credit card transactions away from the till or even away from the premises.
  • Evaluating which payment services the business has to support, is also very important, as fees will largely vary depending on the currency used, the country of issuance of the card, and even the card network (Visa, Mastercard, Apple Pay, Google Pay, or even more exotic ones)
  • it’s also essential to make sure that the software and hardware provided by the merchant will integrate easily with your existing equipment. This is even more important to clarify when online payment systems are needed.
  • Finally, but probably most importantly, you should check a few things about the provider itself, for example their reputation, what kind of businesses usually work this provider, customer service availability and efficiency, and the level of transaction security offered.

Deciphering the fee structure

Requesting numerous quotes from different merchant services providers may seem like a bit of a faff to do but being thorough before selecting one is better to be safe than sorry.

Knowing whether the hardware will be purchased, leased or hired is an important choice to make, so make sure the different options are explained to you, as the way some merchant services providers structure their merchant account fees can often be hard to decipher.

For example, their fees may or may not include:

  • Setup fees,
  • Chargeback fees,
  • Minimum monthly fees,
  • Termination fees.Transaction fees are especially hard to compare as they may be flat, percentage-based in relation with transaction amounts, or a combination of both, and fees may also differ depending on payment method used, card network, or payment currency, and merchant services providers may apply a tiered system based on business specifics of the retailer, so it’s crucial to understand how much you’ll be charged before committing to a specific provider.

Supply financial evidence

Once you’ve decided on a Merchant Services provider, it’s necessary for anyone applying to open an account with them, and submit as much financial evidence as possible for them to evaluate risk your business poses to them.

Common accounting documents such as tax returns and credit history will play a part, but applicants must also provide an estimate of the average value of monthly credit or debit card transactions, as well as a value for the average transaction amount.
Small businesses or new businesses shouldn’t be worried, as forecasts are accepted.

Find the Best Merchant Services

Starting a new business do you need Merchant Services?

Exciting Futures  was created as an all-in-one solution by bringing together the tools or services you may need to run your business! When you map out your business model, merchant services may be one of the overall parts your business needs to review if required and next steps.

How to start a business

How to start a business in uk

How to start a small business

How to start a cleaning business

How to start a business with no money

How to start up a business

How to start a business from home

Join Our Weekly Updates

Explode your business to the next level

Starting Your Own Business Merchant Services