Tips for Starting a Successful Business

4 Reasons To Partner With A Merchant Services Consultant

22 December 2020 by Brianna Cole

Businesses of all sizes can benefit from access to a merchant services account. These unique accounts can help make it easier to accept credit card payments and avoid bounced checks from customers in the future.

In exchange for access to these benefits, the financial institutions that provide merchant account access typically charge their customers a fee. Fees can vary based on the volume of your company's sales and the features you choose to include in your merchant account.

A merchant services consultant can be a valuable ally in helping you make the most of your merchant services account as your business grows and expands.

1. Access to Quality Equipment

Business owners must invest in some equipment in order to set up a functional point-of-sale system that ties in with their merchant account. Without the help of a consultant, a business owner would have to accept the equipment provided by his or her financial institution.

Merchant services consultants can act as go-betweens when providing access to essential equipment. You can choose to rent the equipment you need from a merchant services consultant, or you can purchase the equipment at a reasonable cost.

Both options allow you to reduce the overall expense of installing new point-of-sale equipment at each of your retail locations.

2. Access to Lower Processing Fees

Most consumers opt to pay for the goods and services they need using a credit or debit card. Financial institutions will typically charge a processing fee to complete these types of payment transactions.

Processing fees can really start to add up over time, so working with a merchant services consultant to help lower your processing fees can be beneficial.

Since merchant services consultants maintain relationships with multiple businesses, financial institutions often negotiate lower processing fees in exchange for the consultant referring any new clients to that institution.

You can take advantage of the partnership that exists between a merchant services consultant and a financial institution to lower your payment processing fees over time.

3. Access to Quality Customer Service

The point-of-sale systems that business owners install so they can process payments through a merchant account can be very high-tech. Troubleshooting these systems can be problematic for business owners with little tech experience.

The financial institution that provided access to the point-of-sale system may be headquartered in another state. This can make it challenging to get the help you need when your point-of-sale system starts to act up.

By partnering with a merchant services consultant instead of working directly with a financial institution, you ensure that you will always have access to quality customer service.

Merchant services consultants are usually local. You can reach out for assistance when your point-of-sale system isn't working properly, and someone from the consulting firm can come to your retail location quickly to address the issues. The system can even be replaced with a new one in a matter of hours to ensure you don't lose out on any valuable sales.

4. Access to Personalized Guidance

Merchant services consultants don't deal only with providing payment processing equipment and negotiating lower processing fees; these consultants can offer guidance for the businesses they partner with regularly.

This guidance is personalized to your business, and any advice offered by your consultant is based on reports generated from your point-of-sale system.

If you take advantage of this guidance, you can use the expertise of a merchant services consultant to help streamline the payment process for your customers in the future.

Merchant services play an important role in the success of any modern business. Partner with a reliable and experienced merchant services consultant to ensure you are getting the most out of your payment processing equipment.

To learn more, contact a merchant services consultant.

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