Factors to Consider Before Choosing a Merchant Solutions Provider

Whether you run a small dukaan, a kirana shop or an established brand, creating a hassle-free payment checkout process for your customers is an absolute necessity. This is because it takes a tonne of effort to convince a buyer to the point of sale. And, when they reach this critical juncture, the last thing you want is a wonky payment process.

To ensure a seamless payment checkout process, you must have a reliable and glitch-free merchant solutions provider that enables seamless payment acceptance and zero downtime.

Want to open a merchant account but not sure how to select the right provider? Fret not! Here are the only 4 factors you need to consider before opening one.

1. Types of Payments Accepted

Today credit and debit cards are not the only modes of digital payments. Countless Indians purchase and pay via UPI, net banking, e-wallets, etc. Sellers, too, don't only collect payments through cards swiped on swipe machines anymore.

Therefore, choose a merchant account that provides the technology to accept as many modes of payments as possible. These should include the traditional ones such as debit and credit cards from Visa, Mastercard, American Express, etc., but also the newer methods like UPI, e-vouchers, gift cards, e-wallets, net banking, and more.

2. Merchant Support

With countless payments going through your merchant account, something is bound to go wrong every once in a while. To remedy such situations, you'll need efficient merchant support around the clock. Why around the clock? Because your business may run 24x7!

Even if you can’t find a merchant account provider that offers continuous support, choose one that extends support for long hours. A 6 AM to 6 PM customer service might not work in your case. Also, talk to your family, friends and colleagues who may have dealt with a particular merchant support service provider about their customer service. Lastly, check out any online reviews you might find about a merchant solutions provider’s customer support services.

3. Hidden Charges

While it’s common for most merchant account providers to charge a small transaction fee per transaction, anything over and above this is a hidden charge. These can include customer service fees, cancellation fees, maximum and minimum monthly volume fees, etc.

Be sure to quiz potential merchant solutions providers about any such hidden costs or charges you may have to pay later. Ideally, opt for a provider who doesn’t levy any hidden charges or have nominal charges.

4. Ease of Opening and Operating

Why must you visit a bank branch to open a merchant account in today's digital era? These days plenty of banks like IndusInd Bank offer online paperless account opening too. If you want quick account opening and digital overnight payment settlement, you can set up a merchant account through Indus merchant solutions too!

Over to you

Choosing the right merchant account online or offline is critical for your business. To do it, you must keep the above four-pointers in mind. A good merchant solutions provider will work as ancillary support for all your transactions, whereas a bad one may end up losing your customers.