Businesses face a daunting task when negotiating the complicated world of credit card processing, with wildly varying pricing structures and contrasting levels of customer support from provider to provider. For Precision Payment Systems CEO Alison Burns, the solution is to ask the processors as many questions as possible. Then ask some more.
“I do a really deep dive,” says Burns, who founded the New Orleans-based company in 2013 after recognizing the need for business owners to have a trusted resource about the most competitive rate packages and reliable credit card processors available. Her company works with merchant account providers to identify the best processors and support for individual businesses.
“They have to pull stats for me,” Burns says of the processors. “I want to know average hold time, I want to know the top three questions that come to your tech support, I want to know what time of the day they’re most busy, what time of day they’re least busy.”
She doesn’t stop there, asking about the intricacies of pricing structure, fees and personnel the providers use to deal with merchants. And while this sort of interrogation is baked into the everyday customer service PPS provides its clients, these types of questions can also benefit any business seeking the best deal for credit card processing.
Here are a few key questions to ask as your company chooses a credit card processor.
What Exactly Is the Merchant Offering, for What Price?
“Merchant services provider” is an umbrella term that covers banks, third-party processors and other entities that provide businesses and individuals with the products and services needed to accept credit cards, debit cards and other forms of electronic payment. They are an unavoidable part of doing business in the modern world. They also vary greatly in size, quality and integrity.
When choosing a merchant services provider, it’s paramount to investigate the pricing structure, including any additional fees, associated with the account, Burns says. But that’s not the only consideration. The level of customer support is equally important.
“Dirt-cheap rates are never ever the best way to go,” Burns says. “You’re never going to have good customer service. You’re going to be on hold with 800 numbers forever.”
Burns tells merchants that if they’re not selling their own goods and services at absolute rock-bottom prices, they probably shouldn’t expect the same when negotiating a merchant services contract.