If you are trying to sell products online then as a merchant it is critical that you look for a service provider that has effective tracking, customer support and merchant protection features enabled. Here are 6 tips to select the right merchant services provider to enhance your business online:
Credit card payment acceptance
If you are only accepting PayPal as mode of payment and avoiding credit card payments on your website then you are missing out on a huge chunk of customers. Most customers (close to 60-70%) prefer paying through their credit cards when it comes to online shopping as compared to options like PayPal etc. So if you only have PayPal as your payment option then it is time to look for a merchant service provider that offers a wide variety of payment options like credit card payments, direct deposit into accounts in Worldpay or Authorize.net, Google Checkout etc. This wide range of payment options will help you expand on your customer base and attain more sales online.
Complementary to business type
Ideally, you want your merchant services provider to complement your line of business. If you are into selling digital products like ebooks, software etc. then your merchant services provider should accommodate and have provision for such products as well. Try looking for a merchant services provider that has provision for digital, material as well as subscription based products for maximum product exposure and variety.
Sign up fees: strict no-no
If your prospective merchant service provider is charging you for signing up then you should let it go. It is because there are merchant service providers these days who provide doesn’t charge you a cent to signup and start selling merchant services online. Besides this, you can access many value-added services on such sites to enhance your business online.
Reliability and reputation
You must always do a background check and thorough analysis of your prospective merchant services provider. Always check out the testimonials and customer speak sections, ask around about the company and see if they have efficient and value-added services to complement your business.
Existing affiliate networks
It always helps to signup with a merchant services provider that has a built-in network of affiliates. This way, you do not have to hunt for affiliates to register for your affiliate program. This way you can easily increase your sales with a help of affiliates. You can also choose from various high quality affiliates by analyzing their past performance. This also ensures you only recruit the best affiliates in the industry and get maximum referrals and sales on your site.
Affordability factor
Another important factor to consider is how much fees does the merchant service provider charge you? Do they have a signup fee involved? Do they charge extra fees that do not pertain to the transaction and monthly fees?