Which Merchant Services Credit Card Company is Right for You?
You’ve finally committed to the best decision your business can make: accepting cards as a form of payment. Now, you need to know what kind of merchant services credit card company you should use. Take a look at the different categories of companies that can provide merchant services, and which makes the most sense for you.
Card Issuing Bank
If you’re new to the card processing industry, the first place you might ask for assistance would be your bank. It’s a beginner’s first mistake because your bank will hand you off to an independent sales organization or some remote department call center that handles their merchant services. Instead of being able to choose your own provider, you will be given the one that your bank partners with, and hope that it has the right rates for your business type.
ISO MSP
An ISO MSP is an independent sales organization member service provider. The ISO part is easy, it just refers to a company that is not an Association Member, like Visa, MasterCard, or a bank. They do, however, have a relationship with these entities so that they can perform all of the functions a merchant services credit card company should. The MSP part means that the bank or card company allows you to perform member services on their behalf. ISO MSP’s are essentially contracted out similarly to how a construction crew would be hired to build a house for an architectural company.
Payment Facilitator
Also known as an aggregator account, this type of merchant services credit card company provides the services an ISO MSP does, but with a different pricing model. They tend to use one set cost for each transaction your business makes and don’t offer different rates for different card types. They act as one single merchant account for many sub-merchants (you).
Reseller
The best merchant services credit card company choice for a business owner unfamiliar with the industry is a reseller. A reseller is a certified sales agent with an ISO MSP to resell their software, hardware, and merchant accounts. You receive all the tailored prices a large merchant services credit card company can give you, with the bonus of your own personal sales representative. At PayFrog, you can be sure your representative knows your name and number when you call for any questions. Don’t believe us? Try our chat feature for any of your additional questions or check out our pricing page to get an idea of how affordable a reseller can be.
