Your Payments. Your Language.
Paying with a credit card is easy. But accepting credit cards for your business? That’s a little more complicated. You need the right equipment, the right processor, and even then, things can still go wrong. The customer (i.e., you) should always come first, but not all processors provide good service. Here are a few common problems to watch out for regarding your merchant account.
Many small businesses rely on receiving their funds right away in order to keep up with their expenses, but with an industry average of 3-5 days for funding, you may find yourself waiting longer than acceptable for your money.
Different processors provide different funding times, and the speed of your funding may also depend on the type of business or the equipment you use. It’s important to understand your funding options in order to avoid frustration when you start accepting credit cards and find that your money takes longer to deposit than what suits your business.
Technology can be a great enhancement to your business, but where there is technology, there are technical issues. From the initial installation to daily use of your equipment, knowing who to contact and whether you will receive a prompt resolution is vital when something goes wrong. You’re busy running your business, after all—you shouldn’t have to spend hours trying to get your credit card machine to work. Unfortunately, not all customer service is created equal, and you may encounter high customer service wait times, which can lead to upset customers of your own and even lost revenue.