Launching a tech startup is a real challenge, especially in an era where investment money is not as readily available as it once was. With the high profile failures of tech startup CEOs such as Uber’s Travis Kalanick and WeWork’s Adam Neumann, investors are less likely than ever to invest in moonshot ideas they may or may not bring them profit in the future. As a result, many aspiring tech CEOs need to bootstrap their companies, and concentrate not only on their grandiose ideas, but also on the nitty gritty details of their tech startup. One of these details that is often overlooked is selecting a merchant account provider. How you process payments is extremely important, whether you are a client-facing tech startup or a B2B startup that works with businesses in a particular industry or sector. With that in mind, here’s how your tech startup can take the correct steps to find the best merchant account provider for your specific needs.
Look for a Company with Dynamic Payments
As a tech startup, it’s likely that you’ll be accepting payments from a variety of sources. This goes beyond general credit cards and debit cards, but also will include Apple Pay, PayPal, and other forms of virtual payments, such as ghost cards for departments within a business if you are working in a B2B capacity. As such, you’ll need to have a customized solution that can handle all of these different payments types, and that is a key thing you should look for in a merchant account provider in this regard.
24/7 Customer Service and Staff Training
If you are running a tech startup, it is likely that the sales cycle of the company does not end when typical business hours do. If you are selling online, it’s likely that you’ll be accepting payments at all times of the day, as well as during weekends, and you’ll need a merchant account provider that understands this. Additionally, a good merchant account provider will have on-call customer service in case you ever have any declined payments or other payment issues. If these go unresolved, your potential customers will likely move on, which can cause a loss of revenue for your business.
If you are looking at a merchant account provider that can meet the dynamic needs of your tech startup, you should also make sure that they’ll train your staff on learning the ins and outs of their payment gateway, so that your team can troubleshoot basic issues themselves if the need arises. If the company will not do this, then they are not likely the right kind of merchant account provider for your tech startup.
While there is, of course, more to look for in a quality merchant account provider, these basic things should help narrow down the list considerably for you. When considering making such a big move for your tech startup, you should demo different products and see what the best fit for your business is. After all, there is no other way to test the claims that a merchant account provider while give you.