subject: Will You Use Leaders Merchant Services [print this page] Those who are in the retail business have little choice in whether or not to have a merchant services account. Leaders merchant services is one of the companies that helps retailers transact business.
The merchant service is necessary because customers expect to be able to purchase goods and services with a debit or credit card when they go to the store. The retailer who cannot provide this convenience stands to lose a lot of business. There are not many people who actually pay with cash these days. So if a business does not have the capability to accept plastic, the customer will shop elsewhere.
The merchant service company provides the service to the merchant, in essence, to conduct business via credit or debit card by providing the equipment and the bank processing systems to make the transactions viable. Without the merchant service, the exchange of money, via plastic, would simply not take place. The service is not free.
There are many fees associated in order to have the service available. Some companies will not charge for the actual transaction equipment. But it has to be returned in perfect condition, or the merchant will be charged for any damage. There is a per transaction fee. Each time a person uses a credit or debit card to pay for a purchase, the merchant is charged anywhere from ten to thirty cents per transaction.
There is a verification fee on each transaction as well, which is also called an approval fee. Some service companies will charge an application fee while other companies will waive this. The equipment has to be set up at the retail place of business and has to be checked to make sure it is working properly. Some companies will charge up to two hundred and fifty dollars for this while some companies will include it in their service package.
Since this can be a complicated system, although for the customer it looks very easy, the retailer might want to choose a service with personalized service in case there is a problem. There are some service companies that assign a particular representative to each account. Some will charge for this service while others include it at no charge.
It would seem that all service companies would have twenty four customer services, but some do and some do not provide around the clock help. Some companies charge for this extra service, but again, there are companies that include the twenty four hour help at not extra cost.
Most service companies will have a minimum monthly charge. If the transaction fees to not add up to the monthly minimum, then the retailer in most cases has to pay the difference in the monthly fees and the monthly minimum. The retailer cannot afford to be without a merchant service because he cannot afford to lose those customers who pay regularly by credit or debit card. But the retailer can choose the merchant service provider with the best package deal for his particular business.
