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One of the most common steps that consumers take today before making a buying decision is to read reviews about products or services. They want to ensure that the product or service they are going to purchase is the best overall value or that it will meet a specific need that they have. While it is common to read consumer reviews about everything from new cars and dishwashers to local restaurants and more, you can also learn more about merchant account providers for your business. Credit card processing is a vital function in the business world today because an overwhelming number of consumers prefer to make payments using a debit or credit card. You may be wondering what specific information you can learn from reviews of merchant account providers.
Reliability of the Service
Merchant accounts essentially facilitate the entire credit card or debit card transaction. When a customer hands you a credit card for payment, for example, your register or computer will need to connect with the provider’s system to complete the transaction. Because of this, the reliability of the service is imperative. When you read consumer reviews on merchant accounts, pay attention to complaints others have had about slow service or downtime. Keep in mind that customers who bring their purchases to your register may not have any other form of payment. Therefore, if they are not able to pay with their card, you may lose sales.
The Speed of Payment Processing
With credit card processing, the merchant account provider collects funds from the actual credit card company or bank. These funds are collected in an account for your company, and they are transferred into your own account. In some cases, companies will receive their payments for credit card transactions within a few days or within a week. Each provider has a different payment process. Some deliver on their promised process with reliability, and others may be known for having delayed payments. If your business is like most, you may need access to your funds quickly, so the speed of the processing is important.
Be sure to read our list of merchant account providers below.
2015 CREDIT CARD PROCESSING COMPANIES