To accept credit cards at your business, you need to establish an account with a credible merchant service provider. Not all merchant service providers are the same. It can be difficult, if not impossible to compare them side-by-side as each one has their own formulas for calculating rates and some provide more tailored services that may be more beneficial for your business. We experienced this first hand when it came to selecting a provider for our Anytime Collect solution. Here are a few of the things we thought about as we made out selection to ensure our product and more importantly,our customers would be backed by a quality merchant service provider.
Related Reading: How Does Business Credit Card Processing Really Work?
Is the provider reputable?
Anytime Collect accounts receivable management software partners with Solupay. Solupay is consistently among the most reputable payment processors on the market with an A rating on leading rating sites such as CardPaymentOptions.com and an A+ rating by the Better Business Bureau. Solupay works with nearly 40 different gateway providers and is one of the largest partners for First Data, which accounts for approximately 70% of all credit card transactions in North America.
Will they help our customers save money?
Credit card transation rates are often astronimically high, so it is important to find a provider that offers competitive rates. Anytime Collect customers are saving an average of more than $10,000 in credit card fees when switching to Solupay from their current merchant service provider. This represents an average reduction of about 0.52% in the effective rate for credit card transaction fees or about 27% lower than most competitor services.
Do they provide quality customer service?
This was important to us on a number of levels to ensure that our users would be trated well and helped along the way. We chose Solupay because they have a 97% customer retention rate which is unheard of in the merchant processor market. And unlike other providers, Solupay is one of the few companies that offers technology solutions to enhance the process so you can get the best rates possible with multiple options to get data that’s meaningful for your business.
If you’re looking for a reputable provider or considering using a software system such as that works with an ISO/MSP provider, it all comes down to research. There is a lot more to learn about business credit card processing in general and how exactly it works within Anytime Collect. Learn all you need to know in the guide below.