What Should Businesses be Looking for in Merchant Services
Many of us know that merchant service providers offer payment processing solutions to help businesses expand, attract new customers, and boost their profits, but what about some of the more unusual, more advanced services? While PDQ machines, ecommerce solutions, and virtual terminals are considered to be ‘standard’ services, there are a wide range of other services that businesses may be interested in.
Here are a few extra and additional services that are well worth exploring further:
As we lead increasingly busy, on-the-go lifestyles, contactless payments are becoming more and more popular. They speed up the buying process by enabling cardholders to simply tap their card to a device to pay for a product or service below £20, with no need to enter a pin through a PDQ machine. Many businesses may be able to improve customer satisfaction via this method.
There are times when businesses may need to take regular, ongoing payments from a customer, such as for a subscription service for a magazine, or even for things such as consumables deliveries. A recurring payment feature means that it’s simple to set up a new subscription, ensuring that your business is paid the correct amount, and at the correct time each month.
Merchant services that are capable of managing payments across multiple currencies can be hugely beneficial for UK businesses, helping them to expand into international sales. By accepting payments in alternative currencies, businesses should find it quicker and simpler to issue EU tax refunds to non-EU customers, improving the business-client relationship.
In an attempt to reduce the risk of fraudulent activity, which is more common than we would like it to be with online shopping, many merchant services providers will impose a transaction limit – this is usually around £5000 per transaction. If your business regularly sells more costly items, it is possible to locate providers who are happy to provide you with higher limits.
On the whole, merchant services are very flexible, and there are many different features that are worth taking into account when choosing a suitable provider for your needs. It’s important to not only think about what your business requires now, but also what your business may benefit from in the future. At compareyourbusinesscosts, we’ll help you locate the best services, at the best prices. Give us a try!