When Does A Home Based Business Turn To Merchant Service Provider
After having retired from the banking industry some 10 months ago, I have since closed many of my credit card accounts with various banks. This just begs the hypothetical question about how credit worthy I am now should I approach a commercial bank to apply for a new credit card. Well since I worked for 33 years as a banker I can honestly tell you the answer is a ‘flat to your face’ NO for an Internet Marketer like yours truly. The fact is that most banks viewed these home-based business owners and other small businesses as risky business during their credit approval process, no matter how much money you are raking in from your online business. So is there a solution for such small business owners? Of course! Enter Internet Merchant Account.
Merchant Services Provider for your Business
Say you’re a small business owner and you want to get the right kind of value for your business. You’ve put in a lot of time and energy in setting up your shop and now it’s up to you and the service you provide to your customers to do the rest of the work. One of the most attractive factors in any business is convenience to pay. People like options with everything: shopping, traveling, career etc. payment options are no different. Cash only businesses are a thing of the past in this day and age. Customers are known to carry traveler’s checks, personal checks, credit cards, debit cards, and gift cards. Limiting your business to “cash only” simply eliminates potential revenue from all these customers. You want to be able to accept credit cards and other forms of payments. Credit card processing from providers such as North American Bancard can help you do that.
So you don’t want to weed any customer from potentially doing business with you. Now what? The answer lies in three words… merchant service provider. An MSP is a company or organization who provides transaction processing solutions to merchants, plain and simple. They will help you in any form of payment processing so you can open the doors to all sorts of payments. There are many providers out there so it’s necessary to conduct thorough research when signing a contract with any single provider. One example of a provider is North American Bancard. They are reputable in serving small businesses and are exceptional in client services, but don’t take my word for it, make sure to read reviews, call with questions, and understand their contract terms before taking that next step.
A merchant service provider can help you attain more business while also helping you cut down on costs at the same time. Some providers don’t charge an application or set up fee, waive monthly minimums, don’t have an annual merchant account fee, and hold no long term contracts or early termination fees. Other things to consider in a provider are the products and services offered the customer service availability, any underwriting or risk management services, technical capabilities of the provider, security and compliance implications, rate disclosure practices and many more. A great provider will explain all these things to you and will be more than happy to answer any questions you may have. Remember that not all providers are alike, go with one that will satisfy your specific business needs.