What’s the best merchant account for a small business? We get asked that question all the time. There’s no “cookie cutter” answer to this question either as all businesses have unique needs.
Think about your core business first. Is it eCommerce, storefront/office, or mobile?
If your core business is eCommerce, you’re going to need a internet merchant account and online payment gateway. This will give your website the ability to process credit cards, real-time and securely online. Most online payment gateways also have a virtual terminal feature, which allows you to process transactions manually as well. If you take phone or face to face orders in addition to internet orders, a virtual terminal is a must.
If you work out of an office or storefront do you take payment for your product or service face to face?
If face to face, the most obvious solution is a credit card terminal. The terminal will allow you to take advantage of lower swiped rates, and the speed and ease of swiping the card vs. manually keying in the card information. If you ever leave your location and conduct business in the field, you may want to consider a multi-use terminal. There are many terminals out there that support both wireless & dial up connectivity.
If not face to face you may want to consider an online payment gateway like Authorize Net. Using your computer to process credit card transactions has its advantages too. You can email your clients a transaction receipt, process refunds and voids, and take payments on your smart phone, if you need to step out of the office from time to time.
If your business is mobile you have more options today than ever before.
In the past, if a merchant needed to take payments while out in the field, their options were pretty limited to having to purchase a wireless credit card terminal. For a new or small business buying a wireless terminal and paying the additional fees associated with it can get expensive. Especially if you don’t know how much sales volume you’re going to be processing.
If you’re starting a new business we always recommend trying a smart phone or dialpay solution first to “test the waters”. This gives you the ability to accept a credit card remotely, without having to purchase a wireless terminal. If you see that you’re going to be doing a lot of transactions, you can always upgrade your account to a wireless credit card terminal at a later date. Added functionality like built-in printers and on-screen signature capture make wireless credit card terminals a valuable sales tool for merchants that do higher credit card volume.
The Transaction Group is dedicated to providing your business with the processing tools it needs to compete in today’s ever evolving sales environment.
Have additional questions or need advice about a best merchant account for small business? Call us today at 888-383-8056.