The Benefits of Using A Credit Card Merchant Service

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Veröffentlich am: 28.09.2022, 20:09 Uhr
True transparency means that your merchant services provider is giving you numbers in a way that doesn't require an accounting degree to understand. The information you're given should clearly show what was charged at the merchant level in each category--and show how your share of that revenue was calculated. It should be formatted in a way that is quick and easy to understand, and you should be able to clearly identify underperforming merchants--as well as spot those that are exceeding your expectations.

Timeliness

The timing of your reports is also an important factor when it comes to your residuals. Some merchant services providers send these a few weeks prior to when you are paid. Others may not make your report available until the day your paycheck comes. In the payment processing industry, extra time to review is always a benefit. Short timing can put you in a crunch to review the numbers, making it a challenge to ensure you're being paid correctly. Add to that the time it takes to review things if you're receiving raw data (as mentioned above), and you can quickly find yourself in a tough spot. Timing can have a big effect on things, and unfortunately when it's tight, it can result in lost sales time--or worse, inaccurate residual payments.

As you can see, your bottom line can benefit greatly when timeliness and transparency are in order, so it's beneficial to review how your merchant payment processing business model services provider stacks up. Not only will you benefit from more accurate residuals, but it'll also be easier to adapt your current sales efforts, adjust how you price new business, and improve your overall return--and you won't have to work twice as hard to do so.

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