CHOOSING A PROVIDER
Before You Choose a Merchant Services Provider
Choosing a provider is a business decision that affects more than checkout. A useful comparison covers pricing, written terms, equipment and the people you will rely on when an issue needs attention.
THE TAKEAWAY
Ask for a complete proposal and make sure the written agreement matches what you were told.
Understand the full arrangement
Ask what is included in the processing price and what is billed separately. Confirm whether software, equipment and payment gateway services involve additional providers or agreements. Keep a copy of the proposal and the documents you sign.
Read the term and exit details
Check the initial term, renewal language, cancellation process and any early termination charges. Equipment leases may have separate obligations. The Minnesota Attorney General advises businesses to examine these details before signing a processing contract. Do not assume that ending processing also ends an equipment agreement.
Ask practical service questions
- Who handles support, and during which hours?
- How are funding timing, holds and account reviews explained?
- Who helps with a transaction dispute or equipment failure?
- Can the proposed system support your existing business software?
Get specific before deciding
Ask the provider to explain the setup using a normal day in your business: taking a payment, issuing a refund, checking a deposit and getting help. A demonstration can reveal questions that a rate sheet does not answer.
A credible comparison should leave you with a clear understanding of costs, responsibilities and next steps. There is no reason to rush a decision you have not had time to review.
Further reading: Minnesota Attorney General guidance on processing solicitations and agreements. Contract terms and applicable rules can vary.
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