While almost all businesses need to have credit card processing, that doesn’t mean that they have to fall for the problems that can come with it. Certain merchant providers might be willing to take more advantage of your company than you would like—especially if you are just starting out and don’t know how to properly set up your credit card processing for your businesses. Here are some common mistakes you might want to avoid in order to help you save money and time for your company.
Double check your statement
Many businesses, especially ones where budgeting is not an issues, tend not to look at their statements twice. Everything might seem in order, but much of it can be fudged or added on by the service provider—even if it is unnecessary. The best merchant account will walk you through why you are being charged for certain things, but if that isn’t the case, you’ll want to take a look and see if your fees align with the original deal you agreed to and whether or not it needs to be changed.
What are some charges I might notice?
There are probably several types of charges you will notice on your account when you are working with a merchant provider who is trying to take advantage of you. One of the most obvious ones is charging you for not have the most up-to-date form of virtual terminal. While you might know that you should keep up with certain technologies, you might not always know when and if there has been an update. If you haven’t kept up on this, it can lead you to additional charges you were not expecting. The right merchant provider will let you know in advance that this is something that you need to address and will be willing to help you get your software to where it needs to be.
Chargebacks are also another thing you might notice on your statement that you weren’t expecting. This is typically when a client is unhappy with your product or service, but instead of contacting you, they open a dispute through their credit card company. Most merchant service providers do not want to be a part of working with customer issues with you, and will automatically charge you even when you haven’t had a chance to rectify the issue with your client. This can lead to losing a potential customer and a whole bunch of additional charges you were not expecting to have when you receive your statement each month.
Dealing with your merchant account provider can be a challenge already, let alone when you are receiving notices for charges you weren’t planning on. When this is the case, you want to take a deep look into who is offering you certain services and whether or not you need to consider another account provider to offer you the help you need to succeed as a business.