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Industry News

Is your merchant account provider helping your profit?

By Pivotal Payments

28/08/2009 - Merchants that do not have payment card processing capabilities are losing out on a significant source of revenue, as an increasing number of customers use exclusively plastic payment.

However, businesses that do provide credit card processing are not necessarily off the hook, as there are still ways in which they may not be maximising their profit.

For example, companies that are stuck in lease contracts with their merchant account providers may be losing money on monthly or annual rental fees. Many merchant account providers offer businesses the option of purchasing their point-of-sale (POS) terminals, which can end up saving the merchant a substantial amount of money.

Many merchant account providers also have excessive processing rate and fees. Businesses are considered to do their homework to find a provider that offers competitive rates.

Furthermore, merchants that do not offer PCI compliant POS technology will lose a substantial amount of money on achieving compliance. Worthwhile merchant account providers offer POS terminals that are PCI compliant, and allow the business to upgrade at little or no cost if the technology becomes non-compliant.

Most importantly, merchant account providers should be an important resource for the potentially complex payment card industry. Above all, providers should offer helpful and continued support to their clients.

If a business finds itself falling short in any of these categories, it may be time to start researching new merchant account providers.ADNFCR-2514-ID-19338722-ADNFCR

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