Merchant Services for Small to Medium-Sized Businesses – Everything You Need to Know
Whether you are a consumer or a business owner, chances are high that you interact with merchant services on a daily basis. Without merchant services, paying for goods and services would be far less convenient. The same can be said for the business owner on the other end of the transaction. Merchant services are designed to make the payment process more convenient for all parties involved. Weave’s payment solutions are no exception.
What do merchant services do?
If you are running a business, whether it’s a small seasonal boutique, a glass-bottom boat tour service, a large automotive dealership or even a multi-provider doctor’s office you’ve definitely had to process a payment from a customer or patient. Merchant services refer to the automation that a business uses to enable payment processing.
The capabilities of a merchant services provider vary according to the merchant’s needs and the industry. In a technologically advancing world where people rarely pay with cash, businesses have had to update their merchant processing solutions to include the acceptance of NFC technology, Apple Pay, Google Pay, Microsoft Pay and other virtual “Wallets” to meet customer preferences. Merchant services providers have needed to change too, by offering stronger security for payments and ease of use and several payment options to the customer.
While the most basic service is providing the ability for merchants to process debit or credit card transactions for payment, most merchant services systems come with a Point of Sales terminal which collects data on sales performance, inventory levels, customer accounts, and tracks every time a customer makes a payment.
What is a merchant services account?
A merchant services account is established with your merchant services provider to allow you to process and receive the funds for payments. To establish a merchant services account you will be asked for specific information like the business’ name, the type of business, Tax ID Number and other identifying information. This account is where your transactions will be funded and the funds will then be distributed to your checking account generally within 2 business days.
What is a merchant service fee?
Merchant services agreements have substantial differences in their pricing structures. Ask yourself, am I willing to make an investment to receive payments in a quicker or more convenient manner? Is it worth an additional fee to provide more options to my customers for ease of payment? Consumers today have come to expect convenience, so make sure to take that into account when you consider which merchant services you are going to have available in your business.
Weave Payments is a no brainer because we have no upfront, hidden, or monthly recurring fees. It has been created to offer a seamless and transparent merchant processing solution to you. We provide a very competitive flat-rate pricing structure to eliminate all the pricing discussion that makes your head buzz. During the sales process, we will do our best to match your existing rate and even save you money in some instances.
In addition to our “no-worry” approach to pricing, we actually provide TWO free terminals per business for in-person payments, affording you the flexibility to set up in-office payments at two separate locations.
What to look for when choosing the best merchant services for your small business?
Have you had to make that awkward call your patients or customers to remind them to make a payment? Or have you had a patient or customer who was running late, and didn’t have time to stand in line at a busy office waiting to use the terminal? Merchant services can be very helpful in these instances, but at the same time, it can be very complicated to know which one is best for you! Look for a merchant service that is easy, fast, secure, transparent and personalized as outlined below.
Find a platform that speeds up making and receiving payments
Traditional invoicing time can take up 25-30 days. It also requires printing, envelopes, stamps, and employee time, which costs about $12-$30 per invoice. Weave’s robust Text to Pay feature is super easy and takes the hassle out of collecting and making payments allowing the employee time to focus on other office tasks.
Instead of chasing down customers to pay their bills, simply open the payments icon, find the customer’s name, and send their invoice via text with a personalized message, using a secure link to request payment. Patients pay when and where they want. (No more checks or credit card numbers floating around your office or in the mail). Text to Pay helps your office collect payments on the same day of the service, within a few seconds, with absolutely no paperwork. Faster collection means more cash flow and sustained business growth. It’s also HIPAA compliant for medical customers! Even your Grandpa who dreads texting would love it!
Have you ever been standing at your dentist’s office reception desk ready to pay only to realize that you forgot your wallet? Well, Weave has you covered! Weave Payments accepts all major card brands as well as digital wallets. In addition, a business can send a simple text to any customer to collect payment if they don’t have any form of payment.
Besides Text To Pay and the physical in-office terminals, Weave Payments offers a virtual terminal payment tool that enables the merchant to process payments without the physical presence of the card (card not present transaction) or customer by manually inputting customer information online. For example, if a client wants to make a credit card payment over the phone, the business can collect the customer’s information and process it just using a computer connected to the internet, to log into a website or merchant account.
Branding for your payments
If a company is going to be consistent with their branding efforts, they must do so in every interaction with the customer, including the payment stage. Branding presents your company in a professional way and customers are more likely to feel comfortable using your services or spending their hard-earned money with you when they can associate your business with a quality brand.
Furthermore, branding helps customers recognize your business thus securing business. With Weave Payments, businesses can customize customer or patient invoices, receipts and payment page with the company’s billing information, name and logo. Making a payment is a memorable activity for a customer, so get your branding in their faces. Study shows that patients who are satisfied with the billing processes (or the last part of the customer transaction) are more likely to pay medical bills in full, return or recommend the office.
This key in any sale, because transparency results in trust and confidence. Will the merchant service provider’s product offer the quality of service I’m expecting? Whichever provider you choose, ensure that they explain specifically when and how you will be charged, the length of the contract, cancellation terms, and early termination fees so that there are no unexplained surprise charges on your merchant statement.
Weave Payments is contract-free and has no early termination fees because we want our customers to find the best processing solution for their needs and understand the apprehension in committing to a product that they have yet to experience.
This is equally as important when considering the best merchant services provider for your business. For example, if you provide on-line payments it is critical to choose a provider that uses a secure method utilizing encryption when running credit or debit card transactions. This is the best way to provide a high level of payment security to your online customers.
Reliable Customer Support
Getting familiar with your new credit card processor may not happen overnight. To avoid being left in the dark after the sale, pick a merchant services provider that will be available to answer your questions for free. Weave Payments has a dedicated US-based live customer service team here to assist you. WEAVE got your back! Call email or chat with us anytime without paying an extra dime!
Here’s how our clients feel about our customer service:
“Weave support feels like an extension of our office – it is very easy to get help or answers to questions within minutes. Weave has allowed our office to be more efficient and on top of modern communication with our patients.” -David M Coppola, DDS
Weave can handle all your payment processing and merchant services, from the first phone call to the final payment with its unique integration of hardware and software solutions. It’s a “Complete ToolBox for small to medium businesses”, bringing all of your critical system needs under one umbrella. If you are already a Weave customer, Weave Payments is a core feature that will simply be offered to you, at no extra charge.
Now that you are equipped with the information you need in choosing the right merchant services for your small or medium-sized business, we hope that you find one that will be the right fit for you.