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What are the best practices for negotiating merchant services contracts remotely?

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Negotiating merchant services contracts remotely can be challenging, especially if you are not familiar with the terms and fees involved. Merchant services are the processes and tools that enable businesses to accept and process payments from customers using credit cards, debit cards, or other electronic methods. However, not all merchant service providers offer the same rates, features, and customer service. Therefore, it is important to know how to negotiate effectively and get the best deal for your business. Here are some best practices for negotiating merchant services contracts remotely.

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1 Prepare in advance

Before you contact any merchant service provider, you should do your homework and research the market. Compare the prices, features, and reviews of different providers and identify the ones that suit your business needs and budget. You should also have a clear idea of your current and projected sales volume, average transaction size, payment methods, and industry type. These factors will affect the fees and rates that you will be charged by the provider. Having this information ready will help you negotiate with confidence and avoid being overcharged or undersold.

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Steven Eittreim

Former restaurant owner now a Regional Manager for Integrity Payments, a business services company.
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Negotiating merchant services remotely has one major inherent risk for both the merchant and the service provider; fraud. The service provider is tasked with determining if the business is legitimate, or a sham company setup to harvest stolen credit card information until the card owners complaints about purchases they didn't make, start rolling in. Likewise for the merchant, when after you get setup and start processing with your new "zero processing fees and free equipment" service provider, you call to ask to find out why you haven't been receiving your credit card deposits. Scammers have upped their game and success rates with technology, and only exist because they are successful. Too good to be true may just be, too good to be true!

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2 Ask the right questions

When you communicate with a potential merchant service provider, either by phone, email, or video call, it's important to ask the right questions to understand their offer and terms. You should inquire about setup and monthly fees, transaction fees and how they are calculated, interchange fees and how they are passed on to you, contract length and cancellation policy, security and compliance standards, as well as customer service and technical support options. This way, you can compare different providers and identify any hidden fees, charges, or clauses that might affect your bottom line.

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3 Negotiate the fees and rates

Negotiating merchant services contracts remotely requires careful consideration of fees and rates, as some may be fixed while others may be negotiable. For instance, you may be able to reduce the setup fee, monthly fee, transaction fee, or interchange fee. Additionally, you can inquire about discounts, waivers, or incentives based on your sales volume, transaction size, or industry type. To ensure successful negotiations, it is important to remain polite and professional while highlighting your value and potential as a customer. Furthermore, demonstrate your knowledge and research of the market by asking for a breakdown of the fees and rates and requesting a written quote or proposal. Compare different offers and counter-offer if necessary; however, be willing to walk away if the deal is not satisfactory.

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Lennart H.

Zahlungsabstimmung. Einfach, digital & transparent ???? ?? #PaymentReconciliation #SalesManagement
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Ich denke, es ist hilfreich, wenn man zwei etablierte und zwei neue Anbieter vergleicht, um eine fundierte Verhandlung zu führen. Allerdings sollte man sich bewusst sein, dass es immer Grenzen gibt. Für etablierte Anbieter, erstrecht im KMU Segment, ist die Grundgebühr oft unverhandelbar, genauso wenig habe ich bisher gesehen, dass am Interbankenentgelt nachgezogen werden konnte (anders als der Text links vermuten l?sst).

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4 Review the contract carefully

Before signing a contract with a provider, you should review it carefully to make sure it reflects the terms and conditions that you agreed upon. Be sure to check for hidden fees, charges, or clauses that could affect your rights or obligations. This includes the contract length and renewal options, the cancellation policy and penalties, the dispute resolution and arbitration process, the liability and indemnification clauses, and the data ownership and privacy policy. If you are unsure about any of these elements or have questions about the contract, seek legal advice or ask the provider for clarification. After signing, keep a copy of the contract for your records.

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5 Monitor and evaluate the performance

After you have signed the contract and started using the merchant services, you should monitor and evaluate the performance of the provider. You should check your monthly statements and invoices for any errors, discrepancies, or changes in the fees and rates. You should also measure the quality and reliability of the service, such as the speed, security, and availability of the payment processing, the functionality and compatibility of the equipment and software, and the responsiveness and helpfulness of the customer service and technical support. If you are not satisfied with the performance of the provider, you should contact them and ask for a resolution or improvement. You should also review your contract periodically and look for opportunities to renegotiate or switch providers if necessary.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best practices for negotiating merchant services contracts remotely?

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3

4

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1 Prepare in advance

2 Ask the right questions

3 Negotiate the fees and rates

4 Review the contract carefully

5 Monitor and evaluate the performance

6 Here’s what else to consider

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