Running a business can be full of surprises – and knowing where to turn for help isn’t always easy. A pizzeria owner got an unpleasant surprise one Wednesday afternoon – his point of sale provider was losing its ability to process credit cards, effective immediately. Given the importance of being able to accept payment via card, he needed to get this resolved – and quickly – or lose out on $4,000 in weekly sales. That’s when he turned to Old National.
Our Merchant Services expert was able to meet with him in person that same day, sign him up for a month-to-month contract on the spot, and get terminals shipped to his two stores. The terminals arrived the next day, our specialist assisted with network configuration and training, and he was back in business – all within a 24-hour period.
While the pizzeria situation was one that required immediate action, most companies searching for a new Merchant Services partner do have a little more time. Opening a merchant account isn’t like opening a checking account, so it’s a best practice to allow a few days for set up and shipping. If possible, do your research and know what you are looking for such as:
- Understanding how long you’ll be committed to the contract and how much you will have to pay to break the contract before you sign anything. Be sure you get any negotiated concessions written into the contract itself.
- Working with a provider you know and trust. Your bank is a great place to start, since they may offer relationship-based pricing.
- Being cautious of leases. You will typically pay several times the purchase price for a terminal when you lease – and they’re notoriously difficult to get out of. Instead, ask what the cost to purchase the terminal would be – and if installment options are available.
In our increasingly cashless society, the ability to accept credit cards is critical for nearly any business. As far as our pizzeria client goes, we were happy to keep a vital source of revenue intact, so he could continue to focus on what he does best – serving up pizza to his loyal customer base.
Tim is Vice President and Merchant Services Director at Old National. He has a background in sales, product and project management - specializing in merchant card processing, corporate cash and treasury management solutions, and retail banking.
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