- a turnaround time that is less than 70 hours. This is to ensure that there will be no delays between the time between the sale and the deposit of the proceeds in your bank account.
- a good bank reputation. This is seen in the length of operation hours, years in the industry, alternative options for payment processing in case of system failure and quality customer service and support.
Where to look for
There are so many merchant banks out there. To avoid confusion, exerting too much effort and spending so much time in looking for the right merchant account provider, experts say that the options should be limited to the individual's own bank, business and trade associations, and reliable referrals.
Experts agree that the best merchant account providers are those that are coming from the own bank because it already has records of your business banking account. This is one option that offers utmost convenience because you don’t have to jump into another type of service that you are not familiar with.
Aside from getting the same quality of service as with your banking options, a merchant account provider coming from your own bank will also ensure that the turnover time—between your transaction and the day your money is deposited into your account—is at a minimum. Why? because your accounts are under the same financial entity.
If for some reason you don’t want to get the services of merchant account provider from your own bank, you can always rely on business and trade associations because most of the time, you can get discounted merchant processing rates since you are part of the circle. Lastly, you can also find good merchant account providers through referrals coming from your colleagues, co-workers and maybe from your competitors.
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