Business owners are constantly looking for new ways to improve service and increase profits. This can be done by increasing the customer base through more convenient business practices, and employing merchant services to keep business as usual streamlined and on track. A canadian merchant account can help small business owners to accomplish these goals, but not all accounts are created equal. Here are a few tips and tricks to finding the best deals to help grow a business.
What to Look For
There are a variety of credit card processors to choose from, so it’s important to know what to look for. Good customer support is a must, as small business owners in particular simply don’t have the time for spending interminable hours on hold or having to call back repeatedly in order to solve minor issues. It’s also important to find a processing company that will disclose any fees up front. Ideally these fees will not involve fixed monthly payments, as there are plenty of companies that do not require them. And of course competitive rates in regards to necessary processing fees should get a check in the column!
New business owners or those that have only recently begun to accept credit card payments can save a lot of time and avoid a lot of hassle by finding a company with high approval percentages and an easy to understand application process. Filling out complicated applications only to have them rejected based on insufficient financial history is both demoralizing and a waste of time. This can be avoided by choosing a company like Federated Payments that offers practical solutions to help new business owners grow their companies.
Additional services such as gift cards should be looked at like the icing on a cake. They are not necessary to establishing a functional credit card processing system, but they can certainly increase a customer base and bring in much needed new clients.
What to Avoid
Not all processing companies are as upstanding as they would lead business owners to believe. Take a good look at any documents available to ensure that there are no hidden fees. One common mistake that new business owners make is failing to inquire about early termination fees. Less than reputable processors may fail to disclose these upfront in an attempt to win business, which can certainly lead to lost revenue in the long run as these same companies are more prone to providing inadequate service as well.
First impressions in this arena are often worth taking note of. If a company’s customer service leaves something to be desired before the application has even been submitted, this does not bode well for future interactions. All sales and customer service representatives should be able to competently discuss the advantages of their services and answer any business owners’ questions upfront.
Don’t just choose the first canadian merchant account that comes up in an internet search. Even a little bit of background research early on can make the difference between growing a business and its profits and being taken advantage of with hidden fees and inadequate customer care. Difficulties with payment processing will translate to difficulties with maintaining a consistent customer base, so the importance of choosing the right company should not be ignored.