Using merchant services is an ideal solution for many businesses wishing to provide a flexible and easy-to-use service for their paying customers. However it can be tricky to know which merchant service is right for you and your business. As such, here are some top tips on determining which service is the one for you.

Firstly, you need to ascertain what payment types the merchant services will accept. Some will accept all credit and debit cards, as well as PayPal; whilst some don’t. Figure out which are most important to you – are your customers expecting to have the PayPal option, or will they be more inclined to get their gold card out? Statistics have shown that some six in ten consumers prefer using their credit card to services like PayPal, so keep that in mind, too.

Secondly, think about whether or not the merchant services provider can flex to meet your needs and business type. For example if you’re offering actual physical products (such as fast-moving consumer goods like food, clothing etc.) then your needs will probably be different to a company offering virtual products, like e-Books or MP3 files.

Next, be sure to get quotes from the merchant services provider in terms of monthly or annual payment fees, as well as any initial administration or sign-up costs. That way, you can be sure you’re getting the best deal – but don’t necessarily assume the cheapest is the best; quality is important too.

The reputation of a merchant provider is another consideration. Ask around for reviews, recommendations and general industry perception of the company. This should give you a pretty good idea of their standards, professional standing and how they treat their clients. It could potentially mitigate any upset further down the line, which is crucial for businesses with long-term goals and objectives.

Lastly, check that your merchant services shortlist will all accept multi-currency payments. Even if you only cater to customers in your country, in the future you may want to expand further across your continent, or even the world. At this time, it will be vital that customers can go onto your website or come into your business and pay in any way they wish. This could drive repeat custom and help you retain your existing clientèle.