When shopping for a new platform, you’ll come across many options with lots of unique features. The most common question is, “Which one should I choose?” While there are several pros and cons to each option, one factor rarely gets considered – merchant services.

In this article, we will discuss the different types of merchant services, how to choose the right one for your business, and how you can use ClickFunnels to get started.

What Are Merchant Services?

If you’ve never heard of merchant services, then you’re probably wondering what they are. Let’s rephrase that – if you’re reading this, you’re probbaly wondering what merchant services are, and if they’re worth signing up for.

Simply put, merchant services are the financial services or payment processing associated with online stores. When a customer makes an online purchase, the merchant services provider (MSP) will process the payment. The vast majority of MSPs will take a cut of either the sale or the transaction, but some will charge a service fee that can add up quickly.

Why Should I Get Merchant Services?

Why would you need or want to get merchant services? There are several reasons, depending on your situation. The most common one is to have a more efficient payment processing system. For example, if you’re a small business owner who runs a one-person show, you might not need to bother with a merchant account or an MSP. However, if you’re looking to scale your business or looking to accept credit cards, getting merchant services is usually the first step.

The Different Types of Merchant Services

Depending on your needs, you can choose from several different types of merchant services, also known as merchant accounts. The most common types of merchant services are general, dedicated, and contract. We’ll discuss each one in turn.

General Merchant Account

A general merchant account is the simplest and most basic kind of account, usually offered by the most popular MSPs. With a general merchant account, you don’t need to worry about setting up any special software or integrating your system with any other platforms. You just need to provide the MSP with your bank account information, and you’re good to go. Your daily business operations will run smoothly – you won’t have to worry about any security issues, and you’ll be able to focus on growing your business.

The major downside to a general merchant account is that, due to the simplicity of the system, it doesn’t offer the same features and tools that more advanced MSPs offer. If you plan on using the credit cards that your account supports, you’ll also be locked into using only those cards, as additional cards or new accounts can be difficult to set up. If you plan on operating outside the US, then you’ll need to find an MSP that supports your country.

Dedicated Merchant Account

A dedicated merchant account is one in which you’ll be provided with a merchant number and an MSP email address. You then need to set up your account with the MSP, and you’ll need to notify them whenever your business changes. Once you’ve done that, you can use the dedicated merchant account as you see fit – you can set up payment processors, take credit card numbers, and so on. The downside to a dedicated merchant account is that not all MSPs are created equal. Some MSPs will give you a better experience, while others will leave you wanting more.

Contract Merchant Account

A contract merchant account is essentially a dedicated merchant account with some added perks. The main difference is that with a contract account, you are not locked into using a specific payment processor. You have the option to work with any merchant service provider you want, as long as they are a member of the relevant association. The association will then contract with you, ensuring you get the best rates and services. The downside to a contract account is that, sometimes, the additional perks can be a bit much to swallow – especially since you’re starting up a business and don’t have much experience yet.

How Do I Choose the Right MSP For My Business?

If you’re wondering how to choose the right MSP for your business, then you’re in the right place. In this section of the guide, we’ll tell you about a few different factors that you need to keep in mind, so you can have the best possible experience possible.

Features

One of the first things you’ll want to do is try to find a provider that has the features you need and doesn’t have any unnecessary frills. The reason for this is simple – if you’re paying for these features, then you’re most likely already using a service with them, which means you don’t need to waste your time setting up various accounts and seeing what works best for your specific needs. Also, be sure to check out the reviews before you make a purchase decision. If possible, look for reviews from previous customers so you can get an idea of how others experience the service. If you don’t find a lot of positive feedback, then it might be a good idea to look elsewhere.

Overall Experience

The overall experience is how you feel about the entire process of signing up for and using the service. From the point of view of a potential customer, the experience should be easy, accessible, and hassle-free. You don’t want to go through an unnecessarily complicated or lengthy process, do you? There are several different factors that you need to keep in mind to get the best experience possible, including:

  • Easy To Use
  • User-Friendly
  • Quick To Set Up
  • Secure
  • Consistent Experience
  • Flexible With Options
  • Easy To Understand
  • Saves You Money In The Long Run
  • Looks Like It Was Designed By People Who Know What They’re Doing
  • Represents Good Value For The Money

If you want to find the best possible overall experience, then look for a service that meets all of these criteria. Of course, you’ll need to do some research before making any purchase decisions, as there are several different options out there with lots of hype surrounding them.

Merchant services can be a bit complicated, which is why it’s important to take the time to find the best possible option for your business. With a little bit of research, you’ll be able to find a solution that meets your needs and budget, and helps you to efficiently operate your business.