Choosing the right Merchant Services Provider can be a daunting task. To help make things a bit easier we wanted to give you a list of topics you should cover with anyone you are talking to about purchasing merchant services. We talked to Sahand Moussavi, PayConnect Portfolio Manager at DentalXChange and asked him “What are the top three things people should look for when selecting a Merchant Service Provider?”
He gave us 4, because he’s cool like that.
1. Features & Capabilities: “Making sure your merchant service provider has the technical capabilities that suits your office is crucial. It is not just simply about processing a credit card anymore. Many other features are now available to help run your business more efficiently. Some of these capabilities including emailing receipts, automated recurring transactions, credit score checks, electronic signature capabilities and EMV Chip transactions. Also, your provider should also be integrated with other software and companies, combining the best of both worlds. Regarding dental practices in particular, they should definitely choose a provider that has the ability to do Automated Recurring Transactions & credit score checks. Dental offices set many of their patients up on payment plans, so a recurring billing service plus a credit check service is crucial to ensure you can extend credit at a low risk.”
2. Customer Service: “Customer Service is often overlooked in merchant services, but it is important to choose a provider that has personal customer service and doesn’t force you to get your support from an automated service. Customer service begins right when you sign the contract. Since ALL merchant service providers are essentially a middleman between the merchant and the card brands (Visa, MasterCard, etc.), transparency is very important. A clear and easy to read merchant processing application is a good sign that the service will be good. It is important to have access to 24/7 live support, as dealing with financial transitions can sometimes be an urgent matter. Having personalized customer service is very helpful as a team that is familiar with your account and how it’s set up will make it much less likely for mistakes, and will streamline any changes you want to make.”
3. Pricing: “Pricing is another important factor when it comes to deciding your merchant provider. You want to make sure that the provider offers various pricing models. Different business types use various processing methods and some pricing models will work better for you than others. The card brands charge fees themselves, called Interchange Fees. These fees vary depending on business types as well, so you want to make sure your business is placed in the right category with your provider so you’re getting charged the right fees. Also, your merchant processing application should display any possible fee/rate/charge you might encounter. So once again, make sure your application shows everything when it comes to fees and rates.”
4. PCI & Security Standards: “Being a merchant, you are going to deal with sensitive card information. It is imperative you check the system and training you have been provided are in accordance with Payment Card Industry Rules (PCI). You should ask your provider right away if they are compliant with PCI rules and make sure you are familiar with how their system treats sensitive data. All merchant service providers are required to become PCI Compliant. PCI Compliant Level 1 is the highest level of PCI privacy and security recognized by the PCI Security Standards Council and you want to use a provider who has reached this level.”
If you have any other questions or would like to have your current Merchant Account looked at, give us a call at (800) 576-6412 ext. 473. Sahand, or one of our other PayConnect representatives will make sure you are not being over charged and you are getting the most out of your merchant services.