If you have a business and you’re planning to add credit or debit cards as part of your payment methods, then you definitely need to know a Merchant Service Provider (MSP). MSPs serve as financial intermediaries who help to manage the processing of merchant payments. They also help to maintain merchant accounts using card networks such as Visa and MasterCard.
Setting up a merchant account with a reputable merchant service provider will make it possible for your business to process a customer’s payment transaction; the money will be transferred from the customer’s bank account to your business’s bank account without any personal details being shared. We are the Merchant service provider that you need.
At Riverside Payments, we are a world-class merchant service provider. Amongst other services and products, we provide our customers with the latest EMV- compliant POS software. We pride ourselves in our POS systems with mobile payments that ensure our customers have a more efficient transaction processing experience. Our mission is to offer our nationwide customers with the best products and services at the incredible prices.
How Do You Choose A Merchant Service Provider?
Getting the right MSP can be tricky. However, with the right information, you will make a wise decision. Here are some tips to help you:
Only get an MSP with a proven track record. Check their Better Business Bureau report (BBB). Consider moving to another provider if you find numerous complaints in their report.
Be concerned if your potential processor’s rates are much lower compared to other providers. There could be a possibility of hidden fees. Also, their rates could drastically increase after a while.
Make sure that you choose an MSP that offers you the processing you need. Also, put into consideration future needs, such as expansion and diversification.
How are Merchant Service Providers Funded?
To facilitate merchant services, merchant account providers take a small fee from every transaction made. This fee is used to cover the whole transaction process. The fees to be charged will depend on your merchant service provider. However, this fee is mostly made up of a percentage of the total amount of transaction. This means that what the customers pay is not affected, but the amount reaching the business bank account will be less due to the interchange fee.
Types of Merchant Service Providers
Different merchant service providers offer varying features. However, most fall into one of the various categories that help to differentiate them from their competitors. The most common types of MSPs include:
Merchant Account Providers
A merchant account provider will, at a minimum, offer you a merchant account and credit card processing services. This is to ensure that you receive payments made through credit or debit cards.
Payment Service Providers
With a payment service provider, you can accept debit and credit card payments without necessarily having a merchant account.
Get a Merchant Service Provider
Let us provide you with cutting edge technological solutions to enable you to run your business smoothly. At Riverside Payments, we have POS systems with mobile payments that are tailored to meet the needs of your business. Talk to us today on (866)720-0644.