Why using a bank to provide merchant services is not idea for a small to medium business.
As a business owner, you want to find the best possible solution for processing payments from your customers. Merchant services are a vital part of any business, and you need to make sure that you choose a provider that will offer you the best possible terms.
While it may seem like using a bank to provide merchant services is a good idea, there are actually several reasons why it is not. Here are some of the key reasons why using a bank is not a good idea for your merchant services needs:
1. Higher Fees: Banks typically charge higher fees for merchant services than specialist providers. This means that you will end up paying more for your merchant account if you use a bank. Not necessarily on the rates but it might be on the other fees where the bank my catch you out.
2. Longer Contracts: Banks typically require longer contracts for merchant services than specialist providers. This means that you will be locked into using their services for a longer period of time, and you may not be able to cancel your contract if you are not happy with the service. This is the case in many reports that poor customer support for the smaller to medium businesses has caused them to cancel their merchant service and find an alternative card payment provider.
3. Less Flexibility: Banks typically offer less flexibility than specialist providers when it comes to Merchant services. This means that you may not be able to get the features and options that you need for your business. When it comes to accepting payments, you need a solution that is flexible and can grow with your business needs.
4. Inflexible Terms: Banks are often less flexible than specialist providers when it comes to the terms of your merchant account. This can make it difficult to negotiate a better deal or to get the terms that you want. The care for the smaller to medium merchant is lost as they prefer to deal with the larger businesses.
5. Poor Customer Service: Banks typically have poorer customer service than specialist providers. This means that you may not be able to get the help and support that you need if you have problems with your account It is all good when things work but the real challege begins when it doesn't . The banks are large financial institutions and don’t just concentrate on providing merchant accounts. Their systems are usually older and you have to be prepared to wait for several hours to get through to an representitive only to find that the problem had not been dealt with efficiently.
6. Limited Features: Banks typically offer fewer features and benefits than specialist providers. This means that you may not be able to get the features and benefits that you need for your business.
Overall, using a bank to provide merchant services is not a good idea. There are better options available that will offer you lower fees, more flexible terms, and better customer service. You should consider using a specialist provider for your merchant account needs. https://www.edenonegroup.co.uk/merchant-services