Interested in merchant solutions? Here’s what to look for
Discover the benefits of using point of sale solutions, along with a checklist of what’s important when comparing providers.
By ATB Financial 18 May 2023 2 min read
No matter your business’ industry, complexity or size, there’s a point of sale option that suits your needs, allowing your business to accept a variety of payment methods in-store, on the go and online. Let’s dive into the benefits of merchant solutions and how to find the right option for your business.
Benefits of merchant solutions
- Accept payments in-store, online and on-the-go. Meet your clients where they’re at, accepting ApplePay, contactless payments and more.
- Fast payment processing. Funds from your daily batch closing will be deposited to your business account the next business day (with none of the bank fees that can accompany cash deposits).
- Increased security. Less cash use means staff are safer in the storefront and when depositing it at the bank, and there’s a lower chance of external and internal theft, loss or miscounting.
- Scalable and customizable tools. Find a solution that’s customized to your needs today, and will grow with your business.
- Get reporting to make data-based business decisions. You’ll be able to access months of online and in-store data, with a range of advanced filtering capabilities. Learn what days and times of the month are the busiest, discover trends with returns or specific products, and more.
What to look at when exploring merchant solutions options
- Fees. See if your provider can customize your POS fee structure to suit your business needs. You want to get (and pay for) what you need and not what you don’t.
- Contracts. If the provider has a contract, take time to understand the length of the contract, cancellation fees and any additional costs for support or services. If your business is new, ask for a trial period or short-term contract as your company grows.
- Business needs. These questions help you determine how sophisticated your merchant solution needs to be.
- Look at your monthly revenue and transaction volumes. How many are credit card transactions? How many are debit card transactions?
- How do you currently accept payments? Face to face, over the phone, and/or ecommerce?
- What experience do you want your customers to have when they pay? Do you want them to have the option of purchasing online or in-store? Is delivery an option? Would you like to have a portal device available so customers can have the terminal brought to them?
- Support. Each merchant solutions provider will have different levels of support. Just like payments, your support should be fast and simple.
- Reliability. What happens if your point-of-sale system goes down? Ask if your provider has a strong contingency plan during outages.
- Security. Protecting your customer’s privacy is a top priority. Find out what your provider offers to secure your business and prevent data breaches.
Want to look into your payment options? Check out our options now, or connect with an ATB expert at 1-866-433-5204.