What makes the best merchant account for retail? There are a few basic factors that are important. It should be easy to set up, simple to use, and have low fees. But looking deeper into these items, you’ll find that not every merchant account is created equal. Let’s take a deep dive into retail shops and see which payment processing company stacks up against their competition.
Starting with the essential features and moving to added tools and technology, below is a list of key components each account should offer.
For many merchants, low fees are the top factor. The more money you can save on your payment processing, the better off you are. Cutting a few percentage points from your monthly processing statement can go a long way towards increased profits and steady growth.
Overall there are pretty standard fees associated with aggregate merchant accounts. PayPal, Square, and Stripe all have competitive rates at around 2.9% of the total payment, and $0.30 per transaction. This may seem nominal, but three percent can put a dent in your profit margin especially if you’re competing for lower costs.
How To Get Lower Payment Processing RatesAlways remember, almost everything you pay for is negotiable. When it comes to your merchant account, there is no exception. Instead of selecting the first merchant account company you find on Google, shop around for one that offers lower prices. Reach out to a few of them by calling their customer service number or filling out a form on their site to learn more. Compare the quotes you receive and counter them with a lower price. You’ll be surprised at how flexible they can be in order to get your business
Similar to opening a new bank account, the merchant account application process takes time. Nonetheless, some companies speed up the process by automating approvals or helping you through the steps. Your first step when applying is to fill out an application. Afterwards, they will ask for certain documents such as your transaction history and business details. Both of these steps are the merchant’s responsibility to provide, and what you don’t want to do next is to wait on your merchant account company to process papers or take time underwriting.
Instead of waiting for replies or being patient through an underwriting process, find a provider that keeps you up-to-date. They should have a process where they keep you informed of where your application is, and if it’s been automatically approved and open. In which case you have one final step, install it at your retail location.
Your terminal or cash register is a key tool for keeping business running smoothly at your shop. You should have the best technology in place and not have to pay a significant amount for it. As for your gateway, it’s the software piece that interacts with your terminal. The gateway connects to your merchant account and sends secure transaction information whenever a customer makes a purchase.
Clover is one of the best terminal providers on the market, and there are merchant account companies who help you get this top-of-the-line equipment for free. Find out which terminals are available and ask a payment processor like Zen Payments how you can get these devices at no cost.