How Retailers can Choose the Best Business Services Provider
Opening a new business can be a daunting process for any individual. From selecting the right location to securing the inventory, the process involves layers of intricacy that helps in determining the success. Among different aspects of opening a new account, lays another important aspect, i.e., selecting a business service provider. With numerous best online business services to choose from, people get overwhelmed with the options. It is essential to choose the right service provider to avoid any complexity in the future.
Though the credit card processing industry is difficult to understand initially, the business owners need to research a lot to find the right credit card processor for your business. Since every company charges a different amount for every transaction, your decision can have significant consequences for the success of a business.
Business Services Provider Facts
As the owner of a business, you need the facts on merchant services. Businesses that accept payment from clients via credit or debit card work with a merchant services provider. So what should you expect from your business service provider, and how do you know you have the payment solution that’s right for your business?
- They allow you to accept credit and debit cards
- They help you meet and maintain security standards
Meeting Security Guidelines of the Payment Card Industry
The PCI Standard is mandated by the card brands and administered by the payment card industry security standards council. The standard was created to increase controls around cardholder data to reduce credit card fraud. Validation of compliance is performed annually, either by an external Qualified Security Assessor or by a firm-specific Internal Security Assessor that creates a Report on Compliance for organizations handling large volumes of transactions, or by Self-Assessment Questionnaire for companies handling smaller volumes.
The Payment Card Industry Security Standards Council (PCI SSC) was then formed and these companies aligned their individual policies to create the PCI DSS. MasterCard, American Express, Visa, JCB International, and Discover Financial Services established the PCI SSC in September 2006 as an administration/governing entity which mandates the evolution and development of PCI DSS. Independent/private organizations can participate in PCI development after proper registration. Each participating organization joins a particular SIG (Special Interest Group) and contributes to the activities which are mandated by the SIG.
The intentions of each were roughly similar: to create an additional level of protection for card issuers by ensuring that business meets minimum levels of security when they store, process, and transmit cardholder data.
How to Choose the Best Business Service Provider
Choosing a business service provider can be confusing but with the right information, you can make a wise, informed decision.
- Find a provider with a proven track record.
- Investigate technical support options.
- Make sure the rates are reasonable.
- Consider the specific needs of your business.
- Make sure that your monthly processing volume is not capped.
Understand what will fit best for your retail business
How do you determine what merchandise is right for your store? How do you know if the vendor you’ve chosen will prove to be beneficial in the long run? What standards have you put in place to judge whether the merchandise you buy will be what customers want?
Consumers are no longer solely concerned just with the price point. Purchase decisions are now being made with more factors at play, things such as brand differentiation, reputation, and customer-centric return policies. But it’s hard to read a customer’s mind, and it’s also a challenge for retailers to figure out where they fit when compared with their competition. Especially for retailers just starting out, it may feel like a lot of decisions are made on guesswork or instinct. Market research can remove much of that uncertainty, by helping you understand your industry, your target customer, your competition, and your product. And when you understand all that, your chances of success are a lot greater.
Do your due diligence when choosing a merchant services provider
Last, you need to get all the service charges and fees on the table to make the best decision for your business
Choosing the best business services provider is really important to your retail business, whether you are managing an online e-commerce store, or opening a small business in your community. If you understand what you’re doing and know how to minimize the risks and challenges, the independence, personal satisfaction and financial rewards you can achieve as an entrepreneur mean that starting a small business could be the best decision you’ll ever make.