5 Steps to Success with a Merchant Service Provider
Learn how to find the right merchant service provider
Owning a fitness business can be strenuous. There are innumerable challenges that will determine whether you are successful or not, especially when starting out. One pivotal relationship that will need to be cultivated is to form a strong and cost-prohibitive alliance with a merchant service provider.
When starting a fitness center, accepting membership payments with credit cards, enabling online transactions, and managing recurring billing is crucial for cash flow and long-term success. Since numerous merchant services for fitness clubs exist, you would still need to distinguish the countless businesses in favor of the one that is the most appropriate for your club by asking the right questions.
Ultimately, you’re looking for a partner and not some company that only cares about their bottom line.
Here is a list of some prudent questions you should be asking from your fitness merchant services provider before choosing the prizewinner.
5 questions to ask before picking a merchant service provider:
1. What is their customer support like?
The key here is 24/7/365 phone support. If your merchant service provider does not offer robust support, even on holidays, you should be mindful whether this is the type of merchant you can work with going forward.
2. How fast will I get my money?
If you’re not able to get your money fast enough, there can be a whole lot of other issues that might arise with your business since cash is king. Make sure to look for a company that provides next day funding or, at the very least, two day funding.
3. Do they have early termination fees?
Deliberating on potential future risks has always been omnipresent for every business owner. Unforeseen reasons will sometimes force you to make a choice to cancel your relationship with your existing merchant provider. For that reason, be vigilant about their early termination policies. Make sure to ask up-front about any early termination fees when choosing the right merchant service provider.
4. Can I accept payments from smart phones?
Most business owners will be surprised to know that not all smart phones integrate with each merchant service provider’s processing system. Confirm whether the majority of smart phones devices are compatible with your merchant service provider’s transaction system.
5. What are their chargeback fees?
Dealing with chargebacks can be irritating. Whether technical problems with the transaction took place or an item was not received, your goal is to find a company that has reduced fees for these types of occurrences and one that facilitates these matters with a dependable streamlined process.
Be sure to ask these questions when uncovering costs of a merchant accurately. Choosing a credit card processing company that is transparent, and honorable will promote a smooth runway of growth and contribute to properly assessing your annual budget forecasts.