Avoid Merchant Processing Pitfalls

Having a secure and streamlined solution for payment processing helps ensure your customers have a smooth experience with your company from start to finish. Whether you have point-of-sale terminals, mobile card readers or an online payment system, you expect that your systems will run smoothly and efficiently. But challenges can pop up that are both time-consuming and costly. Keep your business on track by avoiding these merchant processing pitfalls:

Confusing contracts. Entering into a contract that’s overly complicated or rigid can be a costly mistake, especially if your business is growing or changing rapidly. Ask questions about the terms outlined in your merchant services contract so you’re clear about the costs, length of the contract, equipment included and any flexibility to make adjustments as your payment needs change.

Pricing variations. Every card processor keeps a percentage of each transaction amount (the rate) and may also charge additional flat fees. Pricing structures can vary from one vendor to the next, and it’s wise to review your contract and make sure you’re comparing apples to apples.  

Outdated equipment. If you’re not equipped with the latest in credit card processing hardware and software, you may experience technical glitches and slow checkout times. You want to be confident that your card terminals will process transactions quickly and are ready to process EMV chip cards and mobile payments (contactless payments).

Processing limits. It’s important to estimate your transaction volume and discuss processing limits up front with your merchant services provider. This can help you clarify issues before signing a contract and avoid charges for exceeding a processing limit. Setting up your merchant program with unlimited processing solves this problem — and provides flexibility for a growing business.

Gaps in customer service. Working with a merchant service provider that outsources their customer service and offers online-only help can be risky. When you have an issue that needs attention, you may get bounced around in an automated customer service system — potentially losing time and money during the downtime. Having 24/7 tech support and in-person support can make a big difference.
 

Take the guesswork out of payment processing systems when you work with a trusted merchant services provider. Amegy Bank’s preferred provider offers simple and secure payment processing services, fair billing practices and excellent customer service. Learn more about merchant services and integrated payment solutions to help you run your business more efficiently.