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Choosing The Right Merchant Services Provider

Choosing the right merchant services provider

Finding the right service provider for your card facility requirements is a key element to growing your business but choosing between the various offerings on the market today can be challenging. It is not always just about price as choosing your service provider just for their cheaper costing can cost you a lot in the long run! This month’s article is all about providing you with an objective point of view to help you make this decision and to help you see if you’re currently using the most optimal solution for your business needs.

The 4 Types of Payment Methods and when to use which:

1. Traditional Card Machines

card machine speed point

These devices are great for businesses that transact in a hurry and serve long ques of customers or have multiple operators who use the machine. Why? Because these devices work as a standalone solution and are fast and easy to operate. They are robust and don’t break as easily and usually have a longer battery life to last a few hours or the whole day in busy retail or expo situations. Customers are familiar with them and can simply hand over a card and pay. Once the slips are printed, the client leaves and the transaction is concluded. They are ideal for Restaurants & Takeaways, Retailers, Large Exhibition Stands, Petrol Stations etc.

2. Card Reader Smart Phone Type of Card Machine Devices

pocket mpos

These devices rely on the use of a smartphone or tablet as they don’t have  the ability to communicate transactions to the bank on their own. The smartphone or tablet app is required for secure processing while the card reader is used to swipe / insert the card and enter the client’s PIN onto. These devices are great for smaller businesses where transactions happen in a more relaxed atmosphere. This allows the merchant time to login to an app, fiddle with blue tooth pairing or WIFI connections and send the customer an electronic receipt after the transaction has been concluded. Ideal for Market Stallholders, Food Trucks, Hairdressers, Handymen, other Contractor businesses etc.

3. Snap and Pay QR Code Payment Methods

masterpass snap and pay

This type of payment method is ideal for the business owners who deal with a more technologically advanced or younger customer base as it requires the customer to download an app, load their card into a digital wallet and then scan a QR code to initiate a payment to the merchant. This method of payment is super convenient once you have the app loaded and is growing in popularity across restaurants and markets but it does not cater for every type of client. If the client doesn’t have a smartphone or doesn’t have the tech ability or patience to get it up and running, a merchant could lose the sale. Many of our customers are now using this payment method online by adding the QR code to their website or to their invoicing to get clients to pay conveniently from anywhere. Ideal for Markets, Food stalls in particular and home or office based businesses.

4. E-Commerce 

ecommerce

This payment method is ideal for online retailers with established websites which offer clients the ability to purchase products and services online. We offer easy installation plug-ins that allows you to integrate e-commerce into your shopping cart site within minutes. Ideal for product based online businesses, accommodation providers etc.

Here are 5 Key Considerations to choosing your card machine supplier:

1. Do they offer multiple payment terminals or just one type of payment terminal?

Your business is ever changing and growing so it stands to reason that your card machine or service needs will too. You might start with a small market stall and eventually grow into having a massive retail space or perhaps you dream of moving to an island and starting an online business where products or services can be sold on your website or through social media. Maybe you start as a single handyman business and eventually have a fleet of handymen working for you. Whatever your scenario, if you choose a service provider that only offers one type of service, you will have to keep changing service providers as your needs change or worse, end up with multiple service providers to cater for all your needs. This could cause recon nightmares, service hassles and you may have to keep filling in tons of paperwork to keep everything current. WAPPoint is the ONLY service provider that offers ALL card payment solutions under one roof and with the flexibility to easily switch or add new services without lengthy paperwork is just one of the reasons we are different.

2. Do they offer help desk support or do you get a dedicated account manager?

Most service providers in our industry do provide a good service but usually through a call centre / helpdesk. This means that you’re dealing with someone who treats you like a number and if you report a fault, you usually wait 24-72 hours for someone to contact you or come out to you. Support is of course one factor but what happens if you have an accounting / recon issue? Then you can expect even more delays and confusion in trying to find someone who can help you through that. We witnessed countless scenarios where merchants have hit a brick wall on a matter and their service provider doesn’t fight for them. This makes us vastly different from our competitors because we focus on a niche market of customers and we’re all about treating our customers like VIPs! Going the extra mile is what we live and breathe.

3. Do they offer reporting on card transactions?

Most service providers will offer you a daily cash up slip or history view of transactions on your device or app. Unfortunately if you are the business owner and you don’t get to your store each day, you’ll have a hard time doing your recons from a remote location. Besides this, you may spend hours trying to capture every transaction into your accounting. Our solution is an online web portal where you can access your transaction and settlement information anytime day or night. Plus, our easily to download .csv file allows you to import your data directly into your accounting!

4. Do they offer support at expos / a backup solution if your card machine breaks? 

Murphy’s Law is that your card machine will work perfectly for a very long time and then break at the most inconvenient time, like when you are at an event for the weekend or when you’re having the busiest sales day in your store. So you phone the helpdesk and are told that they will get a technician to contact you within 24-72 hours. NO! This is a disaster for you and your event will be over or your shop will be quiet by then. You need a solution right away. WAPPoint can provide you with a free backup solution to use while your card machine is being repaired. Besides that, we also keep backup devices at most major events throughout the country to help you get up and running quickly again.

Make the switch and get value for money as well as competitive pricing. We’ll match or beat your existing rates when you switch to us.

Compare WAPPoint VS Banks VS Independent Service Providers in this comparison table below:

  Offers mobile card readers with bluetooth connection  

Offers wireless speedpoints to rent or purchase

Offers an eCommerce plugin for online store

Offers MasterPass Snap & Pay

Can beat or match transaction fees

  Offers short term or event rental options  

  Assigns a dedicated Account Manager to your account VS waiting on helpdesk  

Backup devices available at events

Offers free backup terminal to clients

Online reporting, client area to view and export transactions, invoices and settlement reports

Get paid in cash for successfully referring your friends

No minimum turnover requirements

WAPPoint


Banks

Most SA Banks

Independents

Most NonBank Service Providerss

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