Some business owners make a critical error by not reviewing periodically the performance of their payment service provider. It can be easy to fall into this complacent place where you just accept the cost of doing business with a payment service provider as “the cost of doing business” and not expecting more. it is vital that you audit your provider occasionally (every 6 months or so) to make sure that you are getting all that you can out of the service.
The Report Card
Setting up a report card system for your own records is a good way to stay on top of whether your service provider is still meeting your needs. A little comparison between providers can go a long way in revealing where your provider is lacking.
The Problem
When you first started your business, you may have chosen the service provider based on your immediate knowledge of how the services worked. Many businesses tend to choose:
- Their local bank
- The bank they do business with
- The first provider that contacted them
While one of the above may have met your immediate need when your business was first launched, you likely have outgrown them substantially now. You may be:
- Overpaying for services
- Waiting longer than you need for processing
- Damaging your business credit with an overload of chargebacks
The Solution
NOT auditing the services that you are receiving periodically can be detrimental to your business. Paying more than you should for the services can get very costly over time. Waiting for the processing can also keep your business from growing. There are better ways to go about credit card processing. American Merchant is the better way. Do a comparison than switch to a better service. It is the better way to do business.
