Merchant services play a large role in your business. They help you collect revenue, but they also impact your expenses. Find the right company that doesn’t disrupt your cash flow.
1. Reliable services let you know future merchant service rates.
Every business needs a forecasted budget. A great deal of effort in the business world is focused on how to record and predict revenue. But expenses are just as important. Fixed expenses are the best type of expenses for a business, but merchant services don’t fall under that category. The total grows along with your revenue, and additional fees can add up.
So make sure you merchant services provider is as transparent as possible. You need to know the rates down to the last decimal point, and they need to be numbers you can rely on without having to anticipate surprise rate changes.
2. You get the money in your account faster.
Different merchant services have different processes. Some companies send you back the funds after a few days, and it can take even longer for purchases that were processed after their office hours. Look for a merchant service that offers tight turnaround for purchases during work hours, late at night, and on the weekends. If your company has bills you need to pay, you need to have the cash on hand to do it.
3. You don’t receive unexpected chargebacks.
Credit card companies protect their customers, not merchants and stores. That means customers have an increasing number of ways to get their money back after a credit card purchase. Sometimes it’s a legitimate return, and other times it’s a sincere complaint about an unwanted charge. But sometimes it’s less than honest. No matter what the motivation behind the chargeback, you need to know about it so you can respond quickly. Chargebacks are becoming more frequent, and they can quickly eat into your cash flow.
Go to BAMS to find merchant services that are predictable, process funds quickly, and keep you updated.