5 Signs That Your Merchant Services Are Working Against You

5 Signs That Your Merchant Services Are Working Against You

If you’re running a business and need to start accepting credit card payments, then you may have heard of merchant services. These companies help businesses take debit and credit card payments online. There are many things to consider when choosing a merchant services provider. These include cost, support and service.

SpotOn Products

SpotOn is a merchant services provider that provides tools and software to help businesses with payments, marketing, reviews management, and loyalty programs. The company aims to bring the merchant services industry into the future with its software and customer engagement platform. SpotOn offers a range of products, from an all-in-one POS system to payment processing and a restaurant-specific POS. These systems are designed to meet a variety of business needs and can be customized to fit specific requirements.

Bridge Payment Solutions

Bridge Payment Solutions is a full-stack merchant services provider that provides access to multiple credit and debit card processors through a single integration system. They offer access to many payment processing companies including First Data, TSYS, Mercury, Chase Paymentech, Vantiv, WorldPay, Heartland Payments, Elavon, Global Payments, and more. They offer 24/7 technical support and a dedicated account manager. They have a solid reputation for customer service, and their website has contact information listed so you can get in touch with them if you have any questions. Their business model is very similar to payday lenders, in that they provide small-dollar installment loans to people who need them most. The problem is that they often charge very high interest rates, and they don’t vet borrowers as thoroughly as traditional lenders do.

Evo Payments

Evo Payments is a worldwide processor, offering payment acceptance services in over 50 countries and 150 currencies. It also provides marketing solutions, cash advances, and security and fraud prevention. It’s not easy to get a clear picture of what you’re getting with Evo, as the company doesn’t provide much product or pricing information on its website. And its business model relies on a large network of third-party independent sales organizations, sales agents and developers that vary greatly in terms of pricing, contract terms and product offerings. A lot of negative customer reviews have surfaced online, including complaints about steep cancellation fees, held payments and hidden charges. This doesn’t bode well for Evo.

Worldpay From FIS

As one of the largest merchant services providers, Worldpay from FIS offers a wide range of payment solutions. It can help you accept payments through POS terminals, virtual terminals and online payment gateways. In addition, it can help you process transactions through digital wallets and mobile payments. This is a great way to get your customers more involved in the transaction and to increase conversions. However, as a legacy processor, Worldpay might not be the best option for smaller businesses. Its “take it or leave it” approach to sales, contracts and billing may not be suitable for these types of businesses. A recent spinoff announced by FIS could signal that the company is looking to separate itself from its merchant services business. Much of which is made up of Worldpay, it plans to complete the separation in the next 12 months.

Payment Logistics

Whether you’re a retailer or logistics company, a payment processor helps make sure your credit card transactions go through smoothly. These companies verify the credit card number, transmit it to the issuing bank and process it for you. For example, if a customer buys something online with their credit card, they’ll send their information to payment logistics and the CIB will verify that it’s valid. If the CIB approves the transaction, payment logistics will then transfer the funds from the issuing bank to your merchant account. This might sound complicated, but it’s a necessary part of doing business today. Without it, your business would be left in the dark — and you’d be missing out on many benefits of digital payments, including faster collections, greater efficiency and improved accuracy.