Video: Merchant Accounts – What to Look For and Ask About, Part 2
If you haven’t watched part one of of this two part series go here to watch the first video.
The theme of part two of this series is that there is much more than just price to pay attention to when shopping for a merchant account. Watch the video and take a look at my notes below to see what I am talking about.
In part one of this series I wrote mostly about rates and contract terms to watch out for when shopping for your merchant account. In this video I talk about characteristics you should look for in your relationship manager, you know the person you call when you need something regarding your merchant account. The one person who takes full responsibility for every aspect of your account. What, you did not know a merchant was supposed to have a person like that assigned to them? Wow, I hope you watched the video!
Here is are some characteristics to look for in your merchant account relationship manager:
1. Equipment Knowledge – of your software, terminals and gateways.
2. Interchange Knowledge -to ensure your transactions are qualifying or the lowest rates.
3. Proativeness – they go the extra mile ensure your merchant account installs and operates smoothly.
4. Reachability – each of my clients have my cell phone number and I ask them to always call me first if the have a question or an issue. I do not want them wasting their time on hold waiting to talk to some call center.
5. Communicator – Clearly communicates with all parties involved with your merchant account; even third parties like software and payment away companies.
6. Cool under pressure – when things go wrong with your merchant account is your relationship manager able to take the lead, communicate with you and fix the problem or do they run and hide from you?
7. Networked – Does this person have a business network they are willing to share with you for your benefit?
8. Value Creator – Does this person look for other ways to add value to your relationship, to your business.
Last, but not least, you should like them. Life is too short to not enjoy who you are working with just to save a few dollars.
Did I miss something in my list? If you think so, please leave a comment below.
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[...] NOTE: I have added a second part to this post, check it out here. [...]
I have heard there was a Visa/MC provision that allowed a merchant to cancel there service if there was a interchange increase …Is This True