Your incoming payments are your biggest asset (hopefully) and most payments today come in by credit card. Over 50% of payments received were by credit and debit card, according 2019 data report from the Federal Reserve Bank of San Francisco. Smart business owners know the 3 steps to finding the right merchant account and making sure their largest asset is secure.

1. They know that merchant processing is not one size fits all.
   A few of the most recognizable ways to accept credit cards do so by making accounts simple and all the same. 
   
   Smart business owners know that every business is unique. They also know that their credit card processor is a business partner much the same way an accountant or insurance agent is a business partner. In both accounting and insurance, a merchant would not start service with someone who did not know your business.
   
   The right merchant processor will take the time to understand your business, past, present, and future; especially future. The account and equipment will be set up with that in mind.
    
2. They know that there is more to merchant processing than the rate.
   In fact, the rate only makes up about 25% or less of the total cost of credit card processing. If a merchant processing account is designed with a specific business and business owner in mind the entire account will be cost effective and it won’t just be a “good rate.”
    
3. They will have a relationship with their merchant processor and know just who to call when there is a question.
   Merchant processing is an ever-changing landscape of rules and regulations. Business owners have data security responsibilities and can be held liable for regulation breaches. A good merchant processor will have an open line of communication that clearly provided upon the opening of the account, as well as be a resource and provide information regarding all of these responsibilities business owners have.
   
   Many of the more recognizable companies out there do not have agents that provide service or even a phone number for general customer service. No perceived savings is worth having payments held indefinitely or even their account terminated and not have a live person that can be contacted. These are situations that put businesses out of business.
    

Bonus Tip – Using a Certified Payments Professional (ETA CPP) when setting up your merchant account is a way for you to know that you are working with an expert in the Payments Industry. These individuals are certified through the Electronic Transaction Association (ETA). 

The ETA CPP program sets the standard for professional performance in the payments industry and is a symbol of excellence. It signifies that an individual has demonstrated the knowledge and skills required to perform competently in today’s complex electronic payments environment.

Discovering whether or not your sales agent is certified is as simple as vising ETA CPP Registry and inserting the sales agent’s name (I did find that some names needed to be entered in all caps).

Electronic Merchant Services is structured so that all accounts are managed by a Certified Payments Professional. If you are looking for a new merchant account or would like to have someone help you navigate the complexities of what you currently have in place you can reach us at info@emspayments.com or 208-273-5575.