6 Probing Questions To Ask Your Merchant Account Provider

Merchant account providers are essential for the vast majority of businesses. These firms provide essential payment services that make transactions go smoothly. 

But what should you be asking them, exactly? 

That’s what we cover in this post. It looks at some of the best questions to pose to these brands to find out whether they offer the level of service you need to support your growing business. 

What Is Your Fee Structure? 

You want to start asking about their fee structure. Fortunately, most companies in the sector, like North American Bancard, are transparent about this. 

Most companies will charge a percentage on each transaction, and some will charge a monthly fee on top. While two methods of charging might seem like a negative, it can sometimes work in your favor, especially if you process a lot of transactions. The percentage fee is likely to be higher if the volume is lower, but if you pay monthly, you can sometimes benefit from economies of scale. 

How Do You Handle Security? 

This question probes more deeply into how the firm is going to protect you and consumers from things like fraud. While security is complex, you should expect a solid answer and for the company to forward you to resources that might help. 

Security concerns can be a significant issue if you are in a high-risk industry. Therefore, you need to work with a credit card firm that understands these and can put you on the straight and narrow. 

What Customer Support Do You Offer? 

Asking what customer support the merchant account provider offers is also critical. You want to know if you can get hold of them when you are in a bind. 

For example, many businesses run into technical problems with their merchant accounts or card payments. You want to know there is someone on the end of the phone you can talk to if you get into trouble. 

You also want someone you can call in the event of payment disputes. Sometimes, credit card firms will perform “chargebacks,” which are something you’ll want to deal with immediately. 

What Payment Methods Do You Support? 

Asking the credit card provider what payment methods they support is also a good policy. You want to know how they process payments and which services they accept. 

This question matters because customers don’t always want to use standard options. Working with a provider who offers alternatives and backups gives you peace of mind. 

What Is Your Payout Schedule? 

Asking about the merchant services’ payout schedules is also a good idea. This tells you when you will receive payments from customers in your bank accounts. 

Unfortunately, most merchant services act like escrows, holding onto money for a set period before releasing it to businesses. This reduces the risks from disputes, but it increases cash flow problems. 

If the payout is sooner, that’s generally better for businesses. 

What Payment Processing Tools Do You Offer? 

Finally, this question asks whether the merchant services provider offers advanced features, like reporting, analytics, and real-time support.