When it comes to accepting credit card payments, a merchant service provider (MSP) is an essential part of your business. The right MSP can help you customize your checkout, gain customer insights, comply with regulations, and protect your business from fraud.
The best MSPs have strong support services available 24/7 to assist with your payment related questions and issues. They should be able to answer your questions via online chat, email or one-on-one phone calls and take your business seriously.
Best Merchant Account Service Providers Of 2023
If you run a business, you need to have a merchant account that allows you to accept credit card payments. This is essential for online and offline sales, and it’s also a great way to track sales data.
You want to choose a best merchant services provider that offers the best pricing, is easy to get quotes from, and doesn’t charge a lot of extra fees. Some processors charge application and setup fees, a payment gateway set-up fee, and early termination fees, so be sure to ask about these before you sign a contract.
Another consideration is how much you’ll pay for account maintenance fees, like a monthly fee and a transaction fee. These can be significant, so make sure you read the full contract — which includes an application, terms of service and program guide — before you agree to anything.
Finally, it’s important to look for a merchant service provider that can provide you with fast payouts. Many providers offer next-day or same-day funding, while others can deposit your money in your bank account the same day you’re notified that a sale has been made.
The top merchant services providers are those that operate outside the norm for credit card processing, offering highly competitive pricing that’s presented in a transparent way, charging little to no monthly fees and having friendly customer support. They also have up-to-date processing hardware and secure technology for online-based payments.
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Whether you're a brick-and-mortar shop or an online ecommerce merchant, the best merchant services provider for your business should be able to help you process credit card transactions, including online, in person and through mobile apps. This should include up-to-date payment acceptance hardware, a secure and simple way to manage your account and access your data and an excellent customer support team.
The right service provider should also have a solid selection of software integrations to allow you to integrate your business with your credit card processor. These can range from a slick POS system to top-rated accounting and customer relationship management systems.
Finally, the best merchant accounts should offer the best possible rates and fees for your business. These should include a combination of interchange-plus pricing and no- or low-cost monthly fees. The best providers will also provide up-to-date processing hardware and the security technology you need to accept chip cards, contactless payments, Apple Pay and Google Pay.