Merchant Accounts for Small Business Should Have These 5 Features

Locating merchant accounts for the kind of volume seen in small businesses can be a challenge. Although most small businesses perform better with a merchant account, the requirements to partner with one can sometimes make business owners hesitate. 

When choosing merchant accounts for small businesses, you want one that is cloud-based, transparent about data storage, and mobile-friendly. Consider these features when determining the right merchant account for your needs.

1. Supports Cloud-Based Data Transmission

Data security is the most important component when accepting a transaction, and it is hard for a small business to beat the security features offered by the cloud. Encrypted data storage and transmission reduce the risk of data corruption or hardware failure. 

Using cloud-based software will allow necessary information to be available to you anytime. Additionally, your customers can worry less and shop more knowing that their personal information is treated with respect and security.

The merchant should provide you with a secure interface that is updated regularly to address potential or evolving security threats already included in the price. Finally, you should have access to all the data elements of each transaction in a format that is compatible with your POS solution.

2. Provides Accessibility to Multiple Payment Types

The ability to accept multiple payment types is ideal for any small business merchant account, especially given the trend in consumer behavior these days. As eCommerce, digital invoicing, and contactless business experiences continue to gain traction, you must be prepared to accept any payment form that comes along.

Your merchant account host must offer you options for accepting different sources of payment. Account providers that limit you to only specific types of cards or services will prove to be costly to your business down the road. These limitations can hamper your ability to expand your brand from physical spaces to virtual ones.

3. Accepts Payments Online

If accepting virtual payments from internet-based transactions hasn’t become a necessity for your business yet, it will soon. Whether it is ordering through a website, coordinating payments with a third-party delivery service, or obtaining payment from a digital invoice, the ability to accept these payments can make or break your business. Adding mobile POS technology will allow you to grow your business, but your merchant account must be equipped.

Any merchant account you consider must be able to handle digital-to-digital payments just as effectively as they handle in-person transactions. Payment Card Industry Data Security Standard (PCI DSS) requirements must be met and pass in the event of an audit triggered by a security event.

4. Supports Mobile App-Based Transactions

In addition to supporting and securely accepting online or virtual payments, you will need your merchant accounts to support transactions that are initiated by a mobile app. This is important for businesses that are mobile or seek to implement contactless options within their business. None of these strategies are possible if your merchant accounts cannot support a mobile payment platform.

Merchant accounts can be very supportive of mobile app payments, especially when the payment app is provided by and integrated into a POS vendor’s product. This provides higher levels of security and strengthens the bond between your business, merchant account, and POS provider.

5. Offers Flexible and Favorable Payment Acceptance Terms

Small business owners often operate with a precise budget. Some merchant accounts will include hidden fees or strict plans based on specific payment methods. This is why you should look for merchant account providers with favorable and flexible payment acceptance terms, regardless of the payments you accept.

Instead of retaining costly legal counsel to negotiate the best payment acceptance terms, you should partner with the right POS solution provider. Choosing a POS provider that can also manage your merchant accounts and the associated payment acceptance terms will give you the space and security to focus on the more important and enjoyable parts of your business. 

Navigating Merchant Accounts for Small Business?

Even though merchant accounts have become more accessible, there are still many traps that could keep you from realizing the full benefits they offer. So instead of going it alone, reach out to a POS provider that can also serve as a business adviser.

When you need a partner to help negotiate the intricacies of merchant accounts for small businesses, look no further than talech. We utilize our business relationships and the experience we have in the financial industry to help you find what or who suits your needs.