Top Tips to Help You Choose the
Best Merchant Service Providers

There are several ways to choose the right bank that offers many services. Many banks compete between each other to provide the best and the most optimum services for its consumers, specifically, merchants and sellers. The main highlight here is that sellers would greatly benefit from the bank’s services because they provide them with ease of access to much needed market tools that will help their business grow and flourish.

ADCB’s merchant services are one of the best in the UAE that provide merchants with an enhanced experience that will let their customers pay for their products easily.

What are Merchant Service Providers?

Merchant service providers are normally banking or financial companies that provide businesses with the ability to accept different payment methods from its consumers. Either your business is an online business or a brick-and-mortar type of business. (3)

Top Tips to Choose the Best Merchant Provider:

Find A Provider with The Best Track Record
You should always research the service provider that you are planning to deal with. Search for customers’ feedback about them online and look for their track records in any regulating bureau in your country if there are any, as that helps you to know whether this financial company provides quality services or not.

Payment Security
This is a critical factor as it protects your business from fraudulent payments and transactions, which in turn minimizes the risks of your business losing its customers and thus, its funding and main source of profits. It also minimizes the risk of enduring punitive fines and damages to your brand’s reputation as well as other legal issues.

Customer Support
Make sure to partner with a service provider that has 24/7 customer support, so they can assist you immediately in case you face any transaction issues, especially if you are an e-commerce company that needs to track its payments all the time.

Payment Integration
This is yet another important factor when you consider partnering with a merchant service provider. Payment integration means allowing your existing accounting software to import any incoming sales to the provider’s system without you having to manually enter this data. In other terms, you should make sure that the provider’s software is compatible with yours as well as with your hardware.

Fees
You should know what the service provider’s fees are and whether they are capped at a reasonable rate. Bear in mind that if the fees were too good to be true, then there must be a catch. Find out what it is and investigate, so you can decide which provider is the right one for you.

Payment Contract Period
You should find out the nitty-gritty details of the providers’ contract and ask questions along the lines of the following:

  • What is the contracts’ length?
  • If you decide to change providers before the contract is over, will you have to pay early termination fees?
  • Do you know how much the processing fees are?
  • Are there any additional charges that might apply in other scenarios, aside from cancellation and processing fees?

These simple questions will give you an in-depth insight to the contractors’ policies and whether they are right for your business. (4) (5)

Top 4 of ADCB’s Merchant Services

Points of Sale Machines:
Every successful business needs these machines to make payments easier for their customers who do not rely on using cash as their primary payment method.

Pace Pay:
An innovative and hassle-free service that lets your customers pay for their products using the Pace Pay app.

Hospitality Integrated Services:
This service provides hospitality merchants the ability to process card payments in the front office at a much higher speed, which gives a better customer experience to their consumers.

Batch Processing:
This service provides merchants with automated batch processing tools that offer better cash flow management to the merchant’s business without having to process incoming payments manually.

Choosing the right service provider might be a hassle but the right amount of resources and delegating enough time to research your available options will certainly help you partner with the best merchant service provider that suits your business.

 

Sources:
(1) Merchant services definition
(2) Definition
(3) Providers
(4) Tips
(5) Tips