January 9, 2018

Start the Year Right, With a Merchant Account Checkup

A new year calls for fresh starts, so there’s no better time to evaluate the success of your current business practices. As a health and wellness professional, the efficient processing of client payments is essential to the wellbeing of your company. Wouldn’t you like to know if your existing merchant account is really the best fit for you?

The Right Payment Processor Helps Keep the Cash Flowing

When business is good, it can be easy to get caught up in the daily challenges of running a company. But the busier things are, the more income you’re likely to be generating. It only makes sense to confirm that your payment processing operations are as cost-effective as possible.

Maintaining a positive cash flow is one of the most critical elements of any successful business. Staying profitable means taking steps to ensure that more money flows into your accounts as revenue, than out as expenses.

When you choose the right payment processor, you stand to cut costs by maximizing the value of the fees that you’re paying. Continuing to work with the wrong company, meanwhile, can be a recipe for frustration – and may be costing you more than you think.

How Does Your Merchant Account Stack Up?

While it’s become all but impossible to conduct business without accepting electronic payments, it’s important to recognize that not all payment processing companies are created equal. Performing a merchant account checkup will help you discover whether changes might be in order.

Perhaps your business has grown significantly since you first selected your payment processor. Or maybe you neglected to do your due diligence the first time around because starting a business took so much of your time. Either way, a simple pulse check is a great way to determine if you’ve got the best merchant account solution for your needs.

Here are some of the factors you should weigh and compare when evaluating your service provider:

  • How economical is your service in terms of your credit card transaction volume and frequency?
  • Does your service provider offer a full range of tools, technology, and service options designed to grow along with your business?
  • Do they support mobile, touchless, eCommerce, and physical point-of-sale payment solutions?
  • Are they taking a one-size-fits-all approach to your payment processing plan, or do they offer customized pricing that reflects your company’s growth strategy?
  • Is your service provider’s expertise industry-specific? Do they understand what your business needs today – and what it might need tomorrow?

Don’t let your profits from the year ahead fall through the cracks of complacency. It doesn’t take a great deal of effort to figure out if your current payment processing company is right for your business. And the potential benefits of conducting a merchant account review virtually guarantee it will be time well spent.

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