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As a business owner, you know the importance of finding a reputable merchant service provider. After all, their services help your business process payments securely and efficiently. PayHawk is an innovative payment processor that offers businesses everything they need for successful payment processing. Read on to learn more about what a merchant service provider is and five things you should look for when choosing one.

What is a Merchant Services Provider?

A merchant services provider is an organization that offers payment processing solutions to businesses. This system enables businesses to accept payments via debit/credit cards and online payments, as well as other non-traditional forms of payment such as mobile wallets and cryptocurrency. Generally, a merchant services provider will set up a virtual terminal and provide encrypted secure gateways so that customers can order and receive orders with confidence. Hardware such as terminals, point-of-sale (POS) systems and mobile payment devices are usually supplied along with the tech support required for service installation and maintenance. By leveraging their experience in the field of payment processing, merchant services providers empower businesses to start accepting payments quickly, securely and cost-effectively.

Here are the 5 Things you Need in a Merchant Service Provider

1. Security and Compliance

Ensuring the security and compliance of your payment processing system is essential to protect your business from fraud and data breaches. One of the most important standards for payment security is the Payment Card Industry Data Security Standard (PCI DSS), which sets guidelines for how businesses should handle, store and transmit credit card information. Compliance with PCI DSS is mandatory for any business that accepts credit card payments.

In addition to compliance with PCI DSS, businesses should also take steps to ensure the security of their payment processing systems by using secure SSL connections, encrypting sensitive data, and regularly monitoring for suspicious activity. These measures are essential to protecting your customers from fraud, and to ensure compliance with various government and industry regulations.

2. Mobile Processing Options

Mobile processing refers to the ability of businesses to accept payments using a mobile device, such as a smartphone or tablet. This can be done using a mobile card reader, which attaches to the device and allows customers to swipe or dip their cards, or by using a mobile app that allows customers to enter their card information manually.

Mobile processing is a great option for businesses that need to process payments on-the-go, such as at trade shows or events, or for businesses that have a high volume of mobile sales. Mobile processing also offers the added convenience of being able to process payments in a variety of different locations, and can help businesses increase sales and improve customer service.

3. Flexible Pricing and Fees

When evaluating payment processing options, it is important to carefully consider the fees and pricing structures associated with each option. The most common fees associated with payment processing include transaction fees, monthly fees, and chargeback fees. Transaction fees are typically a percentage of the sale amount and are charged each time a customer makes a purchase. Monthly fees are typically a flat fee that is charged on a recurring basis. Chargeback fees are fees that are charged when a customer disputes a charge and requests a refund.

It’s important to note that different payment processors may have different fee structures and pricing models, so it’s essential to evaluate the options and choose the one that is most cost-effective for your business. Some payment processors may offer tiered pricing, which allows businesses to pay a lower fee for a higher volume of transactions, while others may offer flat-rate pricing with no additional fees.

4. Excellent Customer Service  

When looking for a payment processing merchant service provider, excellent customer service should be a key consideration. A provider with a dedicated and knowledgeable customer support team can help ensure that any issues or concerns are quickly and efficiently resolved. They will also be able to provide guidance and support to help businesses navigate the various features and options available to them. 

A merchant service provider like us here at Payhawk that has a reputation for providing excellent customer service can also help increase customer satisfaction and loyalty. In the event of any technical problems or system downtime, a merchant service provider with a responsive customer service team can help minimize any negative impact on business operations and revenue. Ultimately, excellent customer service is an important factor that can help ensure that the payment processing process runs smoothly for the business, and that any issues are promptly resolved.

5. E-Commerce Integration 

E-commerce integration refers to the ability of a payment processing system to seamlessly integrate with an e-commerce platform, such as Magento, Shopify, WooCommerce or similar. This allows businesses to easily and securely accept payments from customers who are shopping online.

There are several different types of e-commerce integration options available, including plugin and module integration, API integration, and pre-built integration. Each option has its own set of features and benefits, and it is important to carefully evaluate the options and choose the one that is best suited to your business’s needs. E-commerce integration can help businesses increase sales and improve customer experience by allowing them to accept payments in a variety of different ways.

That about sums it up!

Those are the 5 things you should look for in a merchant services provider. Taking these factors into account will help ensure that you find an ideal fit for your business’s needs at an affordable price point while still getting all of the features you need for successful payment processing. By utilizing all these features provided by PayHawk, all businesses can improve their efficiency in receiving payments quickly and securely while providing excellent customer experiences every time, they transact with them! 

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FAQs about Merchant Service Providers

With the rapid growth of online and card-based payments, merchant services are now more important than ever. They provide people with a secure means to make transactions, giving customers confidence in the safety of their money. Here are answers to a few frequently asked questions. 

What kind of merchants can use merchant service providers? 

Any business that needs an electronic payment system for customers to use can take advantage of these providers. 

Do merchants need special hardware or software? 

It depends on the provider; some may offer web-based payment options that require no additional hardware or software, while others may recommend specific equipment. 

PayHawk is offering a free terminal for a limited time, get yours today! 

What kind of security is typically provided by merchant service providers? 

Our system has advanced encryption technology and fraud protection techniques in place to ensure secure payments. This helps to prevent fraudulent activity.

Are there any hidden fees associated with using a merchant service?

Not PayHawk, though some providers may have certain fees like set up costs or monthly minimums; be sure to ask about any potential surprises before signing a contract. 

Are merchants able to accept multiple kinds of payments with one provider? 

Generally speaking, yes; most merchant service providers make it so that you are able to accept both debit cards and credit cards from your customers. 

How long does it take for funds to process through a merchant service provider? 

In most cases, they should appear in the account you allocated for this purpose within 1-2 business days following your customer’s purchase.       ​          

Are You Looking for a Merchant Service Provider?

In order to have a great merchant service provider, you need someone who is going to be accessible and easy to work with. You also need a company that has transparent pricing so that you know what you’re paying for. It’s important to find a merchant services provider who can give you the best terms possible. You want a team that is invested in your success. At PayHawk, we check all of these boxes and more. We would love to discuss how we could be the right fit for your business. Contact us today!

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